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Mount Allison University Endowment Fund Holdings As of December 31, 2017

Mount Allison University Endowment Fund Holdings As of December 31, 2017

Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can)

EQUITY HOLDINGS

Canadian Holdings 5N PLUS INC $ 155 ABSOLUTE SOFTWARE CORP $ 851 ACADIAN TIMBER CORP $ 302 ADVANTAGE OIL & GAS LTD $ 283,788 AECON GROUP INC $ 1,728 AFRICA OIL CORP $ 684 AG GROWTH INTERNATIONAL INC $ 1,163 AGELLAN COMMERCIAL REAL ESTATE $ 349 AGF MANAGEMENT LTD $ 990 AGNICO-EAGLE MINES LTD $ 427,207 AGT FOOD AND INGREDIENTS INC $ 653 INC $ 832 AIR INC $ 325,411 AIRBOSS OF AMERICA CORP $ 315 ALACER GOLD CORP $ 1,289 ALAMOS GOLD INC $ 2,216 ALAMOS GOLD INC NEW COM CLASS A $ 4,877 ALARIS ROYALTY CORP $ 1,107 ALGOMA CENTRAL CORP $ 330 ALIMENTATION COUCHE-TARD INC $ 98,854 ALIO GOLD INC $ 472 ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $ 2,575 ALTIUS MINERALS CORP $ 1,233 ALTUS GROUP LTD/CANADA $ 1,916 ANDREW PELLER LTD $ 1,448 ARGONAUT GOLD INC $ 656 ARTIS REAL ESTATE INVESTMENT TRUST $ 1,539 ASANKO GOLD INC $ 209 ATCO LTD $ 119,947 ATHABASCA OIL COP $ 703 ATS AUTOMATION TOOLING SYSTEMS INC $ 1,769 AURICO METALS INC $ 311 AUTOCANADA INC $ 1,128 CORP $ 1,258 B2GOLD CORP $ 29,898 BADGER DAYLIGHTING LTD $ 1,525 OF MONTREAL $ 725,449 BANK OF NOVA SCOTIA $ 2,019,757 BARRICK GOLD CORP $ 459,749 BAYTEX ENERGY CORP $ 1,213 BCE INC $ 791,441 BELLATRIX EXPLORATION LTD $ 94 BIRCHCLIFF ENERGY LTD $ 1,479 BIRD CONSTRUCTION INC $ 731

1 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) BLACK DIAMOND GROUP LTD $ 95 BLACKBERRY LIMITED $ 151,777 BLACKPEARL RESOURCES INC $ 672 BOARDWALK REAL ESTATE INVESTMENT TRUST $ 1,610 BONAVISTA ENERGY CORP $ 686 BONTERRA ENERGY CORP $ 806 INC $ 2,276 BROOKFIELD ASSET MANAGEMENT INCORPORATED $ 672,870 BROOKFIELD INFRASTRUCTURE PARTNERS L.P. $ 541,345 BROOKFIELD PROPERTY PARTNERS LP $ 104,547 BROOKFIELD RENEWABLE PARTNERS LP $ 36,225 BRP INC $ 383,349 CAE INC. $ 139,626 CALFRAC WELL SERVICES LTD $ 1,198 CALIAN GROUP LTD $ 441 CALLIDUS CORP $ 229 GROUP INC $ 1,085 CANACOL ENERGY LTD $ 855 CANADIAN APAR $ 340,123 CANADIAN IMPERIAL BANK OF COMMERCE $ 1,067,827 CANADIAN NATIONAL RAILWAY COMPANY $ 1,659,917 CANADIAN NATURAL RESOURCES LTD $ 1,164,005 CANADIAN PACIFIC RAILWAY LIMITED $ 824,265 CANADIAN REAL ESTATE INVESTMENT TRUST $ 2,414 CANADIAN WESTERN BANK $ 5,133 CORP $ 3,350 CANFOR PULP PRODUCTS INC $ 1,038 CANWEL BUILDING MATERIALS GROUP LTD $ 399 CAPITAL POWER CORP $ 154,368 CAPSTONE MINING CORP $ 821 CARA OPERATIONS LTD $ 594 CARDINAL ENERGY LTD $ 723 INC $ 1,695 CELESTICA INC $ 2,219 CENTERRA GOLD INC $ 2,123 CERVUS EQUIPMENT CORP $ 181 CES ENERGY SOLUTIONS CORP $ 1,740 CGI GROUP INC $ 308,407 CHARTWELL RETIREMENT $ 4,852 CHARTWELL RETIREMENT RESIDENCES $ 201,032 GOLD INTERNATIONAL RESOURCES CORP LTD $ 1,442 CHINOOK ENERGY INC $ 24 CI FINANCIAL CORP $ 58,579 CINEPLEX INC $ 2,881 CLEARWATER SEAFOODS INC $ 227 INC $ 412,628 INTERNATIONAL GROUP $ 127,051 COMINAR REAL ESTATE INVESTMENT TRUST $ 1,862 COMPUTER MODELLING GROUP LTD $ 1,249

2 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) CONSTELLATION SOFTWARE INC $ 554,758 CONTINENTAL GOLD INC $ 916 COPPER MOUNTAIN MINING CORP $ 202 CORBY SPIRIT AND WINE LTD $ 464 CORUS ENTERTAINMENT INC-B SH $ 2,636 COTT CORP $ 7,073 CREW ENERGY INC $ 886 CRH MEDICAL CORP $ 393 CROMBIE REAL ESTATE INVESTMENT TRUST $ 961 CT REAL ESTATE INVESTMENT TR $ 477 DELPHI ENERGY CORP $ 294 DENISON MINES CORP $ 721 DESCARTES SYSTEMS GROUP INC/THE $ 210,922 DETOUR GOLD CORP $ 235,807 DHX MEDIA LTD $ 3,854 DIRTT ENVIRONMENTAL SOLUTIONS LTD $ 634 INCORPORATED $ 664,234 DOREL INDUSTRIES INC $ 1,406 DREAM GLOBAL REAL ESTATE $ 1,858 DREAM OFFICE REAL ESTATE INVESTMENT TRUST $ 1,721 DREAM UNLIMITED-CL A SUB VOT $ 827 PRECIOUS METALS INC $ 681 ECN CAPITAL CORP - W/I $ 14,100 E-L FINANCIAL CORP LTD $ 238 CORP $ 1,757 ENBRIDGE INC $ 1,023,463 ENBRIDGE INCOME FUND HOLDINGS INC $ 140 ENDEAVOUR MINING CORP $ 2,907 ENDEAVOUR SILVER CORP $ 467 ENERCARE INC $ 3,209 ENERFLEX LTD $ 330,685 ENERGY FUELS INC $ 214 ENERPLUS CORP $ 302,264 ENGHOUSE SYSTEMS LTD $ 1,814 ENSIGN ENERGY SERVICES INC $ 1,424 EPSILON ENERGY LTD/CANADA $ 152 EQUITABLE GROUP INC $ 1,475 ESSENTIAL ENERGY SERVICES LTD $ 101 EVERTZ TECHNOLOGIES LTD $ 558 EXCHANGE INCOME CORP $ 551 EXCO TECHNOLOGIES LTD $ 660 EXTENDICARE INC $ 1,454 EXTENDICARE REAL ESTATE INVESTMENT TRUST $ 69,049 FAIRFAX FINANCIAL HOLDINGS LTD $ 596,502 FIERA SCEPTRE INC $ 943 INTERNATIONAL INCORPORATED $ 7,337 FIRM CAPITAL MORTGAGE INVESTMENT CORP $ 586 FIRST MAJESTIC SILVER CORP $ 1,805 FIRST NATIONAL FINANCIAL CORP $ 891

3 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) FIRSTSERVICE CORP $ 379,901 FISSION URANIUM CORP $ 246 FORTIS INC. $ 310,114 FORTUNA SILVER MINES INC $ 1,799 FRANCO NEVADA CORP $ 480,360 FREEHOLD ROYALTIES LTD $ 124,658 FRONTERA ENERGY CORP $ 1,497 GAMEHOST INC $ 189 GENESIS LAND DEVELOPMENT CORP $ 13 GENWORTH MI CANADA INC $ 2,915 GIBSON ENERGY INC $ 4,431 GLUSKIN SHEFF + ASSOCIATES INC $ 792 GMP CAPITAL INC $ 277 GOEASY LTD $ 575 INC. $ 163,470 GOLDEN STAR RESOURCES LTD $ 898 GRAN TIERRA ENERGY $ 1,929 GRANITE OIL CORP $ 114 GRATNITE REAL ESTATE INVESTMENT TRUST $ 1,517 GREAT CANADIAN GAMING CORP $ 2,360 GREAT PANTHER SILVER LTD $ 476 GUARDIAN CAPITAL GROUP LTD $ 987 GUYANA GOLDFIELDS INC $ 829 HEROUX-DEVTEK INC $ 740 HIGH LINER FOODS INC $ 487 HNZ GROUP INC $ 32 HOME CAPITAL GROUP INC $ 1,901 HORIZON NORTH LOGISTICS INC $ 301 HUDBAY MINERALS INC $ 144,623 HUDSON'S BAY COMPANY $ 1,545 IAMGOLD CORP $ 5,279 IAMGOLD CORPORATION $ 95,988 IGM FINANCIAL INCORPORATED $ 203,095 IMPERIAL METALS CORP $ 256 IMVESCOR RESTAURANT GROUP INC $ 543 INDUSTRIAL-ALLIANCE LIFE INSURANCE CO $ 60,069 INNERGEX RENEWABLE ENERGY INC $ 2,146 INTACT FINANCIAL CORPORATION $ 230,531 INTER PIPELINE LTD $ 285,862 INTERFOR CORP $ 20,772 INTERNATIONAL TOWER HILL MINES $ 25 INTERRENT REAL ESTATE INVESTMENT TRUST $ 600 INTERTAPE POLYMER GROUP INC $ 2,175 IRON BRIDGE RESOURCES INC $ 124 IVAHOE MINES LTD $ 2,296 JEAN COUTU GROUP PJC INC $ 31,028 JUST ENERGY GROUP INC $ 837 K-BRO LINEN INC $ 565 KELT EXPLORATION LTD $ 1,694

4 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) KILLIAM APARTMENT REAL ESTATE $ 1,601 KINAXIS INC $ 2,432 KINROSS GOLD CORP $ 200,378 KIRKLAND LAKE GOLD LTD $ 4,107 KLONDEX MINES LTD $ 909 KNIGHT THERAPEUTICS INC $ 1,507 LABRADOR IRON ORE ROYALTY CO $ 2,257 LABRADOR IRON ORE ROYALTY CORPORATION $ 288,995 LAURENTIAN BANK OF CANADA $ 51,541 LEAGOLD MINING CORP $ 206 LEON'S FURNITURE LTD $ 671 LIQUOR STORES N.A. LTD $ 419 LUCARA DIAMOND CORP $ 1,212 LUNDIN GOLD INC $ 428 LUNDIN MINING CORP $ 473,978 MAGELLAN AEROSPACE CORP $ 542 MAGNA INTERNATIONAL INC $ 324,914 MAINSTREET EQUITY CORP $ 449 MAJOR DRILLING GROUP INTERNATIONAL $ 1,026 MANDALAY RESOURCES CORP $ 142 MANITOK ENERGY INC-ESCROW $ 0 MANULIFE FINANCIAL CORPORATION $ 1,254,338 MAPLE LEAF FOODS INC $ 429,270 MARTINREA INTERNATIONAL INC $ 115,348 MAXAR TECHNOLOGIES LTD $ 6,353 MEDIAGRIF INTERACTIVE TECHNOLOGIES INC $ 248 MEDICAL FACILITIES CORP $ 645 MEG ENERGY CORPORATION $ 2,031 MELCOR DEVELOPMENTS LTD $ 380 CORPORATION $ 129,270 METRO INC. $ 246,007 MITEL NETWORKS CORP $ 1,291 MORGUARD CORP $ 2,394 MORGUARD NORTH AMERICAN RESIDENTIAL REAL ESTATE INVESTME$ 284 MORGUARD REAL ESTATE INVESTMENT TRUST $ 691 MORNEAU SHEPELL INC $ 72,787 MTY FOOD GROUP INC $ 1,350 MULLEN GROUP LTD $ 2,237 $ 317,609 NAUTILUS MINERALS INC $ 9 NEPTUNE TECHNOLOGIES AND BIORESSOURCES INC $ 305 NEVSUN RESOURCES LTD $ 1,935 NEW FIRSTSERVICE CORP $ 4,685 NEW FLYER INDUSTRIES INC $ 222,091 NEW GOLD INC $ 3,770 NEWALTA CORP $ 81 NORBORD INC $ 3,171 NORBORD INCORPORATED $ 334,582 NORTH AMERICAN ENERGY PARTNERS INC $ 283

5 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) NORTH WEST CO INC $ 111,147 NORTHLAND POWER INC $ 4,261 NORTHVIEW APARTMENT REAL ESTATE $ 808 NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TR $ 1,114 NOVELION THERAPEUTICS INC $ 19 NUVISTA ENERGY LTD $ 99,293 OBSIDIAN ENERGY LTD $ 1,414 OCEANAGOLD CORP $ 2,746 OSISKO GOLD ROYALTIES LTD $ 2,513 OSISKO MINING INC $ 403 PAINTED PONY ENERGY LTD $ 490 PAN AMERICAN SILVER CORP $ 282,818 PARAMOUNT RESOURCES LTD $ 2,278 PAREX RESOURCES INC $ 440,292 PARKLAND FUEL CORP $ 11,483 PASON SYSTEMS INC $ 2,265 PATTERN ENERGY GROUP INC $ 218,265 PEMBINA PIPELINE CORP $ 773,687 PENGROWTH ENERGY CORP $ 866 PEYTO EXPLORATION & DEVELOPMENT CORP $ 9,036 PHX ENERGY SERVICES CORP $ 85 PIZZA PIZZA ROYALTY CORP $ 537 PLATINUM GROUP METALS LTD $ 30 PLAZA RETAIL REIT $ 284 POLARIS INFRASTRUCTURE INC $ 508 POTASH CORPORATION OF SASKATCHEWAN INC. $ 137,142 POWER CORPORATION OF CANADA $ 219,259 POWER FINANCIAL CORP $ 13,947 PRECISION DRILLING CORP $ 1,430 PREMIER GOLD MINES LTD $ 614 PREMIUM BRANDS HOLDINGS CORP $ 94,751 PRETIUM RESOURCES INC $ 2,910 PULSE SEISMIC INC $ 143 PURE INDUSTRIAL REAL ESTATE TRUST $ 1,373 PURE TECHNOLOGIES LTD $ 540 QUARTERHILL INC $ 737 INC. $ 295,147 RAGING RIVER EXPLORATION INC $ 2,338 RB ENERGY INC $ 0 REITMANS CANADA LTD $ 493 RICHELIEU HARDWARE LTD $ 2,903 ROCKY MOUNTAIN DEALERSHIPS INC $ 186 ROGERS COMMUNICATIONS INC $ 539,302 ROGERS SUGAR INC $ 770 ROXGOLD INC $ 532 ROYAL BANK OF CANADA $ 2,902,486 RUSSEL METALS INC $ 2,609 SABINA GOLD & SILVER CORP $ 1,120 LTD $ 1,872

6 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) SAVARIA CORP $ 564 SECURE ENERGY SERVICES INC $ 108,337 INC $ 1,681 SHAWCOR LIMITED $ 17,245 SHERRITT INTERNATIONAL CORP $ 809 SHOPIFY INC $ 91,899 SIENNA SENIOR LIVING INC $ 1,076 SIERRA WIRELESS INC $ 1,663 SLATE OFFICE REIT $ 507 SLATE RETAIL REIT $ 448 SLEEP COUNTRY CANADA HOLDING $ 1,493 SOLIUM CAPITAL INC $ 806 SPARTAN ENERGY CORP $ 1,893 SPROTT INC $ 495 SSR MINING INC $ 128,924 STANTEC INC $ 1,931 STARS GROUP INC $ 55,522 STELLA-JONES INC $ 3,389 STORNOWAY DIAMOND CORP $ 444 STREET CAPITAL GROUP INC $ 101 STUART OLSON INC $ 176 STUDENT TRANSPORTATION INC $ 1,311 SUMMIT INDUSTRIAL INCOME $ 341 SUN LIFE FINANCIAL INCORPORATED $ 912,343 SUNCOR ENERGY INCORPORATED $ 1,668,897 SUNOPTA INC $ 1,442 SUPERIOR PLUS CORP $ 2,558 SURGE ENERGY INC $ 851 TAHOE RESOURCES INC $ 913 TAMARACK VALLEY ENERGY LTD $ 875 TASEKO MINES LTD $ 768 LIMITED $ 95,759 CORP $ 739,473 TERANGA GOLD CORP $ 257 TFI INTERNATIONAL INC $ 4,307 THE STARS GROUP INC $ 2,904 TIMBERCREEK FINANCIAL CORP $ 694 TMX GROUP LTD $ 1,381 TORC OIL & GAS LIMITED $ 1,910 TOREX GOLD RESOURCES INC $ 1,041 TOROMONT INDUSTRIES LTD $ 445,029 -DOMINION BANK $ 1,931,870 TORSTAR CORP $ 129 TOTAL ENERGY SERVICES INC $ 1,116 TRANSALTA CORP $ 3,724 TRANSALTA RENEWABLES INC $ 17,580 TRANSCANADA CORPORATION $ 1,108,828 TRANSCONTINENTAL INC $ 158,911 TRANSGLOBE ENERGY CORP $ 278

7 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) TREVALI MINING CORP $ 1,423 TRICAN WELL SERVICE LTD $ 11,923 TRICON CAPITAL GROUP INC $ 1,965 TRINIDAD DRILLING LTD $ 633 UNI-SELECT INC $ 1,824 VALENER INC $ 1,403 WAJAX CORP $ 728 WASTE CONNECTIONS INC $ 149,408 WESDOME GOLD MINES LTD $ 239 WEST FRASER TIMBER CO LTD $ 4,800 WESTERN ENERGY SERVICES CORP $ 232 WESTERN FOREST PRODUCTS INC $ 89,641 WESTJET AIRLINES LTD $ 683 WESTPORT FUEL SYSTEMS INC $ 446 WESTSHORE TERMINALS INVESTMENT CORP $ 2,242 CORP $ 15,208 WHITECAP RESOURCES INC $ 14,749 WINPAK LTD $ 2,487 WPT INDUSTRIAL REAL ESTATE $ 275 XTREME DRILLING CORP $ 124 YAMANA GOLD INC $ 5,384 YANGARRA RESOURCES LTD $ 581 YELLOW PAGES LTD $ 364 ZCL COMPOSITES INC $ 694

United States Holdings 1-800-FLOWERS.COM INC $ 1,074 1ST SOURCE CORP $ 2,635 3D SYSTEMS CORP $ 1,198 3M CO COMMON STOCK USD.01 $ 2,120 A10 NETWORKS INC COMMON STOCK USD.00001 $ 307 AAON INC $ 4,008 AAR CORP COMMON STOCK USD1.0 $ 13 AARON S INC COMMON STOCK USD.5 $ 500 ABAXIS INC COMMON STOCK $ 12,650 ABBOTT LABORATORIES COMMON STOCK $ 2,143 ABBVIE INC $ 2,935 ABBVIE INC COMMON STOCK USD.01 $ 22,587 ABERCROMBIE & FITCH CO $ 2,558 ABIOMED INC $ 7,806 ABM INDUSTRIES INC $ 4,625 ABRAXAS PETROLEUM CORP COMMON STOCK USD.01 $ 13 ACACIA COMMUNICATIONS INC COMMON STOCK USD.0001 $ - ACACIA RESEARCH CORP COMMON STOCK USD.001 $ 7,603 ACADIA HEALTHCARE CO INC $ 5,786 ACADIA REALTY TRUST REIT USD.001 $ 641 ACCENTURE PLC CL A COMMON STOCK USD.0000225 $ 5,782 ACCESS NATIONAL CORP $ 1,379 ACCO BRANDS CORP COMMON STOCK USD.01 $ 4,591

8 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) ACCURAY INC COMMON STOCK USD.001 $ 8,289 ACETO CORP COMMON STOCK USD.01 $ 6,050 ACHILLION PHARMACEUTICALS COMMON STOCK USD.001 $ 1,204 ACI WORLDWIDE INC $ 5,695 ACLARIS THERAPEUTICS INC $ 1,383 ACNB CORP $ 455 ACORDA THERAPEUTICS INC $ 2,349 ACTIVISION BLIZZARD INC COMMON STOCK USD.000001 $ 301 ACTUA CORP COMMON STOCK USD.001 $ 3,467 ACTUANT CORP A COMMON STOCK USD.2 $ 111,460 ACUITY BRANDS INC COMMON STOCK USD.01 $ 25,667 ACXIOM CORP $ 4,779 ADAMS RESOURCES & ENERGY INC $ 882 ADDUS HOMECARE CORP $ 835 ADECOAGRO SA COMMON STOCK $ 26 ADIENT PLC COMMON STOCK USD.001 $ 2,510 ADOBE SYSTEMS INC COMMON STOCK USD.0001 $ 315,819 ADTALEM GLOBAL EDUCATION INC COMMON STOCK USD.01 $ - ADTRAN INC $ 2,092 ADVANCE AUTO PARTS INC COMMON STOCK USD.0001 $ 2,404 ADVANCED DISPOSAL SERVICES I COMMON STOCK USD.01 $ 4,523 ADVANCED DRAINAGE SYSTEMS IN COMMON STOCK USD.01 $ 22,253 ADVANCED ENERGY INDUSTRIES COMMON STOCK USD.001 $ 26 ADVANCED MICRO DEVICES COMMON STOCK USD.01 $ 11,915 ADVANSIX INC COMMON STOCK USD.01 $ 5,449 ADVERUM BIOTECHNOLOGIES INC $ 224 AECOM COMMON STOCK USD.01 $ 17,746 AEGION CORP. $ 1,812 AERCAP HOLDINGS NV COMMON STOCK EUR.01 $ 869 AEROHIVE NETWORKS INC COMMON STOCK USD.001 $ 147,852 AEROJET ROCKETDYNE HOLDINGS INC $ 4,908 AEROVIRONMENT INC $ 3,253 AES CORP COMMON STOCK USD.01 $ 41,041 AETNA INC COMMON STOCK USD.01 $ 1,025 AFFILIATED MANAGERS GROUP COMMON STOCK USD.01 $ 11,380 AFLAC INC COMMON STOCK USD.1 $ 41,849 AG MORTGAGE INVESTMENT TRUST REIT USD.01 $ 4,323 AGCO CORP COMMON STOCK USD.01 $ 1,123 AGILENT TECHNOLOGIES INC COMMON STOCK USD.01 $ 177,747 AGILYSYS INC $ 529 AGNC INVESTMENT CORP $ 5,043 AGNICO EAGLE MINES LTD COMMON STOCK $ 147,553 AGREE REALTY CORP REIT USD.0001 $ 148,404 AGRIUM INC COMMON STOCK NPV $ 1,973 AGROFRESH SOLUTIONS INC COMMON STOCK $ - AH BELO CORP $ 254 AIR LEASE CORP COMMON STOCK USD.01 $ 10,157 AIR PRODUCTS + CHEMICALS INC COMMON STOCK USD1.0 $ 51 AIR TRANSPORT SERVICES GROUP COMMON STOCK USD.01 $ 4,878

9 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) AIRCASTLE LTD $ 4,094 AK STEEL HOLDING CORP $ 3,205 AKAMAI TECHNOLOGIES INC COMMON STOCK USD.01 $ 315,260 AKORN INC $ 6,847 ALAMO GROUP INC $ 2,621 ALAMOS GOLD INC CLASS A COMMON STOCK $ 5,594 ALARM.COM HOLDINGS INC COMMON STOCK $ 63,169 ALASKA AIR GROUP INC COMMON STOCK USD.01 $ 2,029 ALASKA COMMUNICATIONS SYSTEMS GROUP INC $ 319 ALBANY INTL CORP CL A COMMON STOCK USD.001 $ 219,739 ALBEMARLE CORP COMMON STOCK USD.01 $ 8,232 ALCOA CORP COMMON STOCK USD.01 $ 1,486 ALEXANDER & BALDWIN INC $ 2,881 ALEXANDER'S INC $ 4,396 ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 $ - ALEXION PHARMACEUTICALS INC COMMON STOCK USD.0001 $ 1,641 ALICO INC $ 630 ALIGN TECHNOLOGY INC COMMON STOCK USD.0001 $ 15,784 ALKERMES PLC COMMON STOCK USD.01 $ 5,449 ALLEGHANY CORP COMMON STOCK USD1.0 $ 8,148 ALLEGHENY TECHNOLOGIES INC COMMON STOCK USD.1 $ 4,825 ALLEGIANCE BANCSHARES INC $ 983 ALLEGIANT TRAVEL CO $ 5,393 ALLEGION PLC COMMON STOCK USD.01 $ 26 ALLERGAN PLC COMMON STOCK USD.0033 $ 42,222 ALLETE INC $ 7,992 ALLIANCE DATA SYSTEMS CORP COMMON STOCK USD.01 $ 81,853 ALLIANCE ONE INTERNATIONAL INC $ 350 ALLIANT ENERGY CORP COMMON STOCK USD.01 $ 1,958 ALLIED MOTION TECHNOLOGIES INC $ 952 ALLISON TRANSMISSION HOLDING COMMON STOCK USD.01 $ 5,087 COMMUNICATIONS LTD COMMON STOCK USD.01 $ 6,827 ALLSCRIPTS HEALTHCARE SOLUTI COMMON STOCK USD.01 $ 4,623 ALLSTATE CORP COMMON STOCK USD.01 $ 965 ALLSTATE CORP/THE $ 205 ALLY FINANCIAL INC COMMON STOCK USD.1 $ 734 ALMOST FAMILY INC $ 1,578 ALNYLAM PHARMACEUTICALS INC COMMON STOCK USD.01 $ 12,850 ALPHA + OMEGA SEMICONDUCTOR COMMON STOCK $ 10,510 ALPHABET INC CL A COMMON STOCK USD.001 $ 65,759 ALPHABET INC CL C COMMON STOCK USD.001 $ 2,588 ALTAIR ENGINEERING INC A COMMON STOCK $ 46,700 ALTERYX INC CLASS A COMMON STOCK $ 17,091 ALTISOURCE ASSET MANAGEMENT CORP $ 116 ALTISOURCE PORTFOLIO SOLUTION $ 887 ALTRA INDUSTRIAL MOTION CORP $ 3,269 ALTRIA GROUP INC $ 61,098 ALTRIA GROUP INC COMMON STOCK USD.333 $ - AMAG PHARMACEUTICALS INC $ 477

10 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) A-MARK PRECIOUS METALS INC $ 350 AMAZON.COM INC COMMON STOCK USD.01 $ 135,306 AMBAC FINANCIAL GROUP INC COMMON STOCK USD.01 $ 6,315 AMBER ROAD INC COMMON STOCK USD.001 $ 13 AMC ENTERTAINMENT HOLDINGS INC $ 1,641 AMC NETWORKS INC A COMMON STOCK $ 13 AMDOCS LTD COMMON STOCK GBP.0001 $ 33,695 AMEDISYS INC COMMON STOCK USD.001 $ 4,425 AMEREN CORPORATION COMMON STOCK USD.01 $ 3,117 AMERESCO INC CL A COMMON STOCK USD.0001 $ 12,664 AMERICAN AIRLINES GROUP INC COMMON STOCK $ 158,198 AMERICAN ASSETS TRUST INC $ 3,986 AMERICAN AXLE + MFG HOLDINGS COMMON STOCK USD.01 $ 9,750 AMERICAN CAMPUS COMMUNITIES INC $ 5,920 AMERICAN EAGLE OUTFITTERS INC $ 6,668 AMERICAN ELECTRIC POWER CO INC $ 3,954 AMERICAN ELECTRIC POWER COMMON STOCK USD6.5 $ 15,662 AMERICAN EQUITY INVT LIFE HL COMMON STOCK USD1.0 $ 24,700 AMERICAN EXPRESS CO COMMON STOCK USD.2 $ 12,787 AMERICAN HOMES 4 RENT A REIT USD.01 $ 673 AMERICAN INTERNATIONAL GROUP COMMON STOCK USD2.5 $ 1,041 AMERICAN NATIONAL BANKSHARES INC $ 745 AMERICAN NATIONAL INSURANCE CO $ 6,514 AMERICAN OUTDOOR BRANDS CORP COMMON STOCK USD.001 $ 12,286 AMERICAN PUBLIC EDUCATION COMMON STOCK USD.01 $ 28,836 AMERICAN RAILCAR INDUSTRIES INC $ 1,160 AMERICAN RENAL ASSOCIATES HOLDINGS INC $ 820 AMERICAN SOFTWARE INC/GEORGIA $ 756 AMERICAN STATES WATER CO $ 4,453 AMERICAN SUPERCONDUCTOR CORP $ 9 AMERICAN TOWER CORP REIT USD.01 $ 40,084 AMERICAN VANGUARD CORP $ 1,281 AMERICAN WATER WORKS CO INC COMMON STOCK USD.01 $ 13 AMERICAN WOODMARK CORP COMMON STOCK $ 635 AMERICA'S CAR-MART INC $ 989 AMERIPRISE FINANCIAL INC COMMON STOCK USD.01 $ 817 $ 3,728 AMERISAFE INC $ 2,473 AMERISOURCEBERGEN CORP $ 26 AMERISOURCEBERGEN CORP COMMON STOCK USD.01 $ 4,200 AMES NATIONAL CORP $ 567 AMETEK INC COMMON STOCK USD.01 $ 24,680 AMGEN INC COMMON STOCK USD.0001 $ 3,886 AMICUS THERAPEUTICS INC $ 2,348 AMKOR TECHNOLOGY INC COMMON STOCK USD.001 $ 40,673 AMN HEALTHCARE SERVICES INC $ 4,497 AMPCO-PITTSBURGH CORP $ 295 AMPHASTAR PHARMACEUTICALS INC $ 2,038 AMPHENOL CORP CL A COMMON STOCK USD.001 $ 10,659

11 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) AMTECH SYSTEMS INC COMMON STOCK USD.01 $ 13 AMTRUST COMMON STOCK USD.01 $ 5,178 ANADARKO PETROLEUM CORP COMMON STOCK USD.1 $ 23,899 ANALOG DEVICES INC COMMON STOCK USD.167 $ 19,563 ANALOGIC CORP COMMON STOCK USD.05 $ 3,034 ANDEAVOR COMMON STOCK USD.167 $ 95,122 ANDERSONS INC/THE COMMON STOCK $ 13,659 ANGI HOMESERVICES INC-A $ 72 ANGIODYNAMICS INC COMMON STOCK USD.01 $ 7,042 ANI PHARMACEUTICALS INC $ 1,676 ANIKA THERAPEUTICS INC COMMON STOCK USD.01 $ - ANIXTER INTERNATIONAL INC $ 5,312 ANNALY CAPITAL MANAGEMENT INC $ 38 ANSYS INC COMMON STOCK USD.01 $ 13,789 ANTARES PHARMA INC COMMON STOCK USD.01 $ 38 ANTERO RESOURCES CORP COMMON STOCK USD.01 $ 88,361 ANTHEM INC COMMON STOCK USD.01 $ 5,211 ANWORTH MORTGAGE ASSET CORP REIT USD.01 $ 58,496 AON PLC COMMON STOCK USD.01 $ 6,768 APACHE CORP COMMON STOCK USD.625 $ 1,769 APARTMENT INVT + MGMT CO A REIT USD.01 $ 154 APOGEE ENTERPRISES INC $ 2,746 APOLLO INVESTMENT CORP COMMON STOCK USD.001 $ - APPFOLIO INC A COMMON STOCK USD.0001 $ 12,628 APPLE HOSPITALITY REIT INC REIT NPV $ 638 APPLE INC COMMON STOCK USD.00001 $ 2,977 APPLIED INDUSTRIAL TECH INC COMMON STOCK $ 2,979 APPLIED MATERIALS INC COMMON STOCK USD.01 $ 32,357 APPLIED OPTOELECTRONICS INC $ 627 APPTIO INC CLASS A COMMON STOCK USD.0001 $ 101,497 APTARGROUP INC $ 10,530 APTEVO THERAPEUTICS INC $ 191 APTIV PLC COMMON STOCK USD.01 $ 103,116 AQUA AMERICA INC COMMON STOCK USD.5 $ 13 AQUA METALS INC COMMON STOCK $ 15,462 ARALEZ PHARMACEUTICALS INC $ 67 ARAMARK COMMON STOCK USD.01 $ 141 ARATANA THERAPEUTICS INC $ 114 ARBOR REALTY TRUST INC REIT USD.01 $ 3,245 ARC DOCUMENT SOLUTIONS INC COMMON STOCK USD.001 $ - ARCBEST CORP COMMON STOCK USD.01 $ 11,307 ARCH COAL INC A COMMON STOCK USD.01 $ 6,212 ARCHER DANIELS MIDLAND CO COMMON STOCK $ 295 ARCHROCK INC COMMON STOCK USD.01 $ 7,725 ARCONIC INC COMMON STOCK $ 2,872 ARCOS DORADOS HOLDINGS INC A COMMON STOCK $ 1,416 ARDELYX INC $ 596 ARDMORE SHIPPING CORP $ 605 ARES CAPITAL CORP COMMON STOCK USD.001 $ 1,712

12 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) ARES COMMERCIAL REAL ESTATE REIT USD.01 $ 2,098 ARGAN INC COMMON STOCK USD.15 $ 401,847 ARGO GROUP INTERNATIONAL COMMON STOCK USD1.0 $ 13 ARISTA NETWORKS INC COMMON STOCK USD.0001 $ 8,543 ARMADA HOFFLER PROPERTIES IN REIT USD.01 $ 5,983 ARMOUR RESIDENTIAL REIT INC REIT USD.0001 $ 26 ARMSTRONG FLOORING INC COMMON STOCK USD.0001 $ 38,934 ARMSTRONG WORLD INDUSTRIES COMMON STOCK USD.01 $ 12,748 AROTECH CORP $ 192 ARRAY BIOPHARMA INC COMMON STOCK USD.001 $ 52,719 ARRIS INTERNATIONAL PLC $ 9,805 ARROW FINANCIAL CORP $ 1,380 ARROWHEAD PHARMACEUTICALS IN COMMON STOCK USD.001 $ 27,232 ARTESIAN RESOURCES CORP $ 758 ARTHUR J GALLAGHER + CO COMMON STOCK USD1.0 $ 1,148 ARTISAN PARTNERS ASSET MANAGEMENT INC $ 3,965 ASBURY AUTOMOTIVE GROUP INC $ 2,681 ASCENA RETAIL GROUP INC COMMON STOCK USD.01 $ 346 ASCENT MEDIA CORP $ 332 ASHFORD HOSPITALITY PRIME INC $ 755 ASHFORD HOSPITALITY TRUST INC $ 1,616 ASHFORD INC $ 197 ASHLAND GLOBAL HOLDINGS INC COMMON STOCK $ 38 ASPEN INSURANCE HOLDINGS LTD COMMON STOCK USD.001514456 $ 15,772 ASPEN TECHNOLOGY INC COMMON STOCK USD.1 $ 7,653 ASSEMBLY BIOSCIENCES INC $ 499 ASSOCIATED BANC-CORP $ 8,489 ASSOCIATED CAPITAL GROUP A $ 296 ASSURANT INC COMMON STOCK USD.01 $ 3,343 ASSURED GUARANTY LTD COMMON STOCK USD.01 $ 729 ASTA FUNDING INC $ 23 ASTEC INDUSTRIES INC $ 2,887 ASTRONICS CORP $ 2,201 ASTRONICS CORP B $ 858 ASURE SOFTWARE INC $ 253 AT HOME GROUP INC $ 2,693 AT+T INC COMMON STOCK USD1.0 $ 1,246 ATENTO SA COMMON STOCK EUR.01 $ 1,921 ATHENAHEALTH INC COMMON STOCK USD.01 $ 1,846 ATHENE HOLDING LTD CLASS A COMMON STOCK $ 9,198 ATKORE INTERNATIONAL GROUP I COMMON STOCK USD.01 $ 383,166 ATLANTIC CAPITAL BANCSHARES COMMON STOCK $ 408,102 ATLANTIC COAST FINANCIAL $ 306 ATLANTIC POWER CORP $ 196 ATLANTICA YIELD PLC COMMON STOCK $ 5,364 ATLAS AIR WORLDWIDE HOLDINGS INC $ 2,402 ATLAS FINANCIAL HOLDINGS INC $ 622 ATLASSIAN CORP PLC CLASS A COMMON STOCK USD.1 $ 47,556 ATN INTERNATIONAL INC $ 1,638

13 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) ATRION CORP $ 2,766 AUDIOCODES LTD COMMON STOCK ILS.01 $ 25,702 AUTODESK INC COMMON STOCK USD.01 $ 13,433 AUTOLIV INC COMMON STOCK USD1.0 $ 692 AUTOMATIC DATA PROCESSING COMMON STOCK USD.1 $ 16,452 AUTONATION INC $ 10,456 AUTOWEB INC COMMON STOCK USD.001 $ 10,683 AUTOZONE INC COMMON STOCK USD.01 $ 20,099 AV HOMES INC. $ 1,196 AVALONBAY COMMUNITIES INC REIT USD.01 $ 843 AVEO PHARMACEUTICALS INC COMMON STOCK $ - AVERY DENNISON CORP COMMON STOCK USD1.0 $ 7,058 AVID TECHNOLOGY INC COMMON STOCK USD.01 $ 7,298 AVIS BUDGET GROUP INC COMMON STOCK USD.01 $ 807 AVISTA CORP COMMON STOCK $ 369 AVNET INC COMMON STOCK USD1.0 $ 1,115 AVON PRODUCTS INC $ 1,509 AVX CORP COMMON STOCK USD.01 $ 5,370 AWARE INC $ 214 AXALTA COATING SYSTEMS LTD COMMON STOCK USD1.0 $ 27,237 AXCELIS TECHNOLOGIES INC $ 2,194 AXIS CAPITAL HOLDINGS LTD COMMON STOCK USD.0125 $ 9,111 AXOGEN INC COMMON STOCK USD.01 $ 10,629 AXON ENTERPRISES INC $ 2,597 AXT INC $ 926 AZZ INC $ 2,430 B&G FOODS INC $ 4,373 B2GOLD CORP COMMON STOCK $ 1,379 BABCOCK + WILCOX ENTERPR COMMON STOCK USD.01 $ 1,748 BADGER METER INC $ 3,189 BAKER HUGHES A GE CO COMMON STOCK USD.0001 $ 19,641 BALCHEM CORP $ 4,980 BALDWIN + LYONS INC CL B COMMON STOCK $ 5,436 BALL CORP COMMON STOCK $ 1,371 BANC OF CALIFORNIA INC COMMON STOCK USD.01 $ 384 BANCFIRST CORP $ 3,322 BANCO LATINOAMERICANO COME E COMMON STOCK $ - BANCORP INC/THE COMMON STOCK USD1.0 $ 1,570 BANCORPSOUTH BANK $ 6,090 BANK MUTUAL CORP COMMON STOCK USD.01 $ 1,386 BANK OF AMERICA CORP COMMON STOCK USD.01 $ 12,796 BANK OF COMMERCE HOLDINGS $ 339 BANK OF HAWAII CORP $ 7,319 BANK OF MARIN BANCORP/CA COMMON STOCK $ 60,188 BANK OF MONTREAL COMMON STOCK $ - BANK OF MELLON CORP COMMON STOCK USD.01 $ 3,332 BANK OF NOVA SCOTIA COMMON STOCK $ 1,455 BANK OF NT BUTTERFIELD + SON COMMON STOCK BMD1.0 $ 1,446 BANK OF THE OZARKS INC $ 12,584

14 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) BANKFINANCIAL CORP COMMON STOCK USD.01 $ 6,517 BANKUNITED INC COMMON STOCK USD.01 $ 1,140 BANKWELL FINANCIAL GROUP INC $ 844 BANNER CORP $ 4,001 BAR HARBOR BANKSHARES $ 891 BARNES & NOBLE INC $ 1,169 BARNES + NOBLE EDUCATION INC COMMON STOCK USD.01 $ 889 BARNES GROUP INC COMMON STOCK USD.01 $ 51 BARRACUDA NETWORKS INC COMMON STOCK USD.001 $ 26 BARRETT BUSINESS SERVICES INC $ 1,041 BARRICK GOLD CORP COMMON STOCK $ 1,684 BASIC ENERGY SERVICES INC COMMON STOCK USD.01 $ 5,385 BASSETT FURNITURE INDUSTRIES INC $ 361 BAXTER INTERNATIONAL INC $ 9,998 BAXTER INTERNATIONAL INC COMMON STOCK USD1.0 $ 9,518 BAZAARVOICE INC COMMON STOCK USD.0001 $ 798 BB+T CORP COMMON STOCK USD5.0 $ 29,230 BBX CAPITAL CORP $ 754 BCB BANCORP, INC. $ 232 BCE INC COMMON STOCK $ 6,294 BEACON ROOFING SUPPLY INC COMMON STOCK USD.01 $ 10,200 BEAR STATE FINANCIAL INC $ 243 BEAZER HOMES USA INC $ 1,770 BECTON DICKINSON AND CO COMMON STOCK USD1.0 $ 20,662 BED BATH & BEYOND INC $ 2,925 BEL FUSE INC $ 581 BELDEN INC COMMON STOCK USD.01 $ 2,693 BELMOND LTD $ 2,313 BEMIS COMPANY COMMON STOCK USD.1 $ 8,279 BENCHMARK ELECTRONICS INC $ 1,010 BENEFICIAL BANCORP INC COMMON STOCK USD.01 $ 194,798 BERKSHIRE HATHAWAY INC CL B COMMON STOCK USD.0033 $ 2,841 BERKSHIRE HILLS BANCORP INC $ 3,259 BERRY GLOBAL GROUP INC COMMON STOCK USD.01 $ 112,135 CO INC COMMON STOCK USD.1 $ 10,830 BGC PARTNERS INC CL A COMMON STOCK USD.01 $ 13,708 BIG 5 SPORTING GOODS CORP COMMON STOCK USD.01 $ 12,872 BIG LOTS INC $ 4,911 BIGLARI HOLDINGS INC $ 922 BILL BARRETT CORP COMMON STOCK USD.001 $ 53,693 BIO RAD LABORATORIES A COMMON STOCK USD.0001 $ 855 BIOGEN INC COMMON STOCK USD.0005 $ 86,286 BIOSCRIP INC COMMON STOCK USD.0001 $ 901 BIOSPECIFICS TECHNOLOGIES CORP $ 749 BIO-TECHNE CORP $ 9,572 BIOTELEMETRY INC COMMON STOCK USD.001 $ 4,352 BIOTIME INC COMMON STOCK $ 6,431 BIOVERATIV INC COMMON STOCK USD.001 $ 26 BJ'S RESTAURANTS INC $ 1,611

15 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) BLACK BOX CORP $ 245 BLACK HILLS CORP $ 6,226 INC COMMON STOCK $ 17,845 BLACKBAUD INC $ 9,378 BLACKHAWK NETWORK HOLDINGS I COMMON STOCK USD.001 $ 10,747 BLACKROCK CAPITAL INVESTMENT COMMON STOCK USD.001 $ 26 BLACKROCK INC COMMON STOCK USD.01 $ 1,001 BLACKSTONE MORTGAGE TRU CL A REIT USD.01 $ 13 BLOOMIN BRAND INC $ 4,542 BLUCORA INC $ 1,942 BLUE BIRD CORP COMMON STOCK USD.0001 $ 4,463 BLUE BUFFALO PET PRODUCTS IN COMMON STOCK USD.01 $ 23,960 BLUE CAPITAL REINSURANCE HOLDINGS LTD $ 289 BLUE HILLS BANCORP INC $ 1,254 BLUEBIRD BIO INC COMMON STOCK USD.01 $ 51 BLUEROCK RESIDENTIAL GROWTH REIT USD.01 $ 90 BMC STOCK HOLDINGS INC $ 4,064 BOB EVANS FARMS INC/DE $ 3,287 BOEING CO/THE COMMON STOCK USD5.0 $ 12,705 BOFI HOLDING INC COMMON STOCK USD.01 $ 11,514 BOINGO WIRELESS INC COMMON STOCK $ 26 BOISE CASCADE CO COMMON STOCK USD.01 $ 26 BOJANGLES INC COMMON STOCK USD.01 $ 4,833 BOK FINANCIAL CORP $ 8,664 BONANZA CREEK ENERGY INC COMMON STOCK $ 935 BOOT BARN HOLDINGS INC $ 423 BOOZ ALLEN HAMILTON HOLDINGS COMMON STOCK USD.01 $ 2,553 BORGWARNER INC COMMON STOCK USD.01 $ 2,879 BOSTON BEER COMPANY INC A COMMON STOCK USD.01 $ 7,391 BOSTON PRIVATE FINANCIAL HOLDINGS INC $ 2,659 BOSTON PROPERTIES INC REIT USD.01 $ 17,153 BOSTON SCIENTIFIC CORP COMMON STOCK USD.01 $ 90,722 BOTTOMLINE TECHNOLOGIES (DE) COMMON STOCK USD.001 $ 12,070 BOX INC CLASS A COMMON STOCK USD.0001 $ 4,515 BOYD GAMING CORP COMMON STOCK USD.01 $ - BRADY CORPORATION CL A COMMON STOCK USD.01 $ 4,364 BRANDYWINE REALTY TRUST $ 6,994 BRAVO BRIO RESTAURANT GROUP INC $ 120 BRIDGE BANCORP INC COMMON STOCK USD.01 $ 10,043 BRIDGEPOINT EDUCATION INC COMMON STOCK USD.01 $ 179 BRIGGS + STRATTON COMMON STOCK USD.01 $ 282 BRIGHT HORIZONS FAMILY SOLUTIONS INC $ 10,975 BRIGHTCOVE COMMON STOCK USD.001 $ 4,656 BRIGHTHOUSE FINANCIAL INC COMMON STOCK USD.01 $ 9,099 BRINK S CO/THE COMMON STOCK USD1.0 $ - BRINKER INTERNATIONAL INC $ 3,646 BRISTOL MYERS SQUIBB CO COMMON STOCK USD.1 $ 14,800 BRISTOW GROUP INC COMMON STOCK USD.01 $ 6,528 BRIXMOR PROPERTY GROUP INC REIT USD.01 $ 786

16 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) BROADCOM LTD COMMON STOCK $ 2,972 BROOKDALE SENIOR LIVING INC COMMON STOCK USD.01 $ 6,371 BROOKLINE BANCORP INC $ 2,558 BROOKS AUTOMATION INC COMMON STOCK USD.01 $ 1,379 BROWN & BROWN INC $ 9,611 BROWN FORMAN CORP CLASS B COMMON STOCK USD.15 $ 1,347 BRUKER CORP COMMON STOCK USD.01 $ - BRUNSWICK CORP COMMON STOCK USD.75 $ 1,827 BRYN MAWR BANK CORP $ 1,897 BSB BANCORP INC $ 564 BSQUARE CORP $ 187 BUCKLE INC/THE $ 1,598 BUFFALO WILD WINGS INC $ 4,455 BUILD-A-BEAR WORKSHOP INC $ 510 BUILDERS FIRSTSOURCE INC COMMON STOCK USD.01 $ 1,237 BUNGE LTD COMMON STOCK USD.01 $ 188,072 BURLINGTON STORES INC COMMON STOCK USD.0001 $ 134,572 BWX TECHNOLOGIES INC COMMON STOCK USD.01 $ 1,059 C&F FINANCIAL CORP $ 652 C.H. ROBINSON WORLDWIDE INC COMMON STOCK USD.1 $ 12,345 C+J ENERGY SERVICES INC COMMON STOCK $ 26 CA INC COMMON STOCK USD.1 $ 3,609 CABLE ONE INC $ 7,932 CABOT CORP COMMON STOCK USD1.0 $ - CABOT MICROELECTRONICS CORP COMMON STOCK USD.001 $ 26,004 CABOT OIL + GAS CORP COMMON STOCK USD.1 $ 5,009 CACI INTERNATIONAL INC $ 5,862 CADENCE BANCORP COMMON STOCK $ 13 CADENCE DESIGN SYS INC COMMON STOCK USD.01 $ 13,899 CAESARS ENTERTAINMENT CORP COMMON STOCK USD.01 $ 698 CAESARSTONE LTD COMMON STOCK $ 9,813 CAI INTERNATIONAL INC COMMON STOCK USD.0001 $ 1,353 CALAMP CORP $ 2,100 CALATLANTIC GROUP INC $ 13,260 CALAVO GROWERS INC $ 2,824 CALERES INC COM $ 2,979 CALGON CARBON CORP $ 1,865 CALIFORNIA RESOURCES CORP COMMON STOCK USD.01 $ 746 CALIFORNIA WATER SERVICE GROUP $ 4,774 CALIX INC $ 765 CALLAWAY GOLF COMPANY COMMON STOCK USD.01 $ 7,905 CALLIDUS SOFTWARE INC COMMON STOCK USD.001 $ 3,085 CALLON PETROLEUM CO $ 5,133 CAL-MAINE FOODS INC $ 3,472 CALPINE CORP COMMON STOCK USD.001 $ 5,650 CAMBIUM LEARNING GROUP INC $ 515 CAMBREX CORP $ 3,021 CAMDEN NATIONAL CORP $ 1,520 CAMDEN PROPERTY TRUST REIT USD.01 $ 550

17 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) CAMECO CORP COMMON STOCK $ 326,158 CAMPBELL SOUP CO COMMON STOCK USD.0375 $ 15,321 CAMTEK LTD COMMON STOCK ILS.01 $ - CAN IMPERIAL BK OF COMMERCE COMMON STOCK $ 912 CANADIAN NATL RAILWAY CO COMMON STOCK $ - CANADIAN NATURAL RESOURCES COMMON STOCK $ 1,143 CANADIAN PACIFIC RAILWAY LTD COMMON STOCK $ 18,522 CANNAE HOLDINGS INC $ 2,224 CANTEL MEDICAL CORP $ 8,848 CAPELLA EDUCATION CO $ 1,533 CAPITAL CITY BANK GROUP INC $ 1,008 CAPITAL ONE FINANCIAL CORP COMMON STOCK USD.01 $ - CAPITAL SENIOR LIVING CORP $ 985 CAPITALA FINANCE CORP COMMON STOCK $ 372 CAPITOL FEDERAL FINANCIAL IN COMMON STOCK USD.01 $ - CARBO CERAMICS INC COMMON STOCK USD.01 $ 8,378 CARBONITE INC COMMON STOCK USD.01 $ 1,102 CARDINAL HEALTH INC COMMON STOCK $ 26,783 CARDIOVASCULAR SYSTEMS INC COMMON STOCK $ 6,947 CARDTRONICS PLC A COMMON STOCK $ 9,088 CARE.COM INC COMMON STOCK USD.001 $ 2,579 CAREDX INC COMMON STOCK USD.001 $ 179,224 CAREER EDUCATION CORP COMMON STOCK USD.01 $ 3,100 CARETRUST REIT INC REIT USD.01 $ 5,412 CARLISLE COS INC COMMON STOCK USD1.0 $ 2,434 CARMAX INC COMMON STOCK USD.5 $ 6,226 CARNIVAL CORP COMMON STOCK USD.01 $ 72,819 CAROLINA FINANCIAL CORP $ 1,387 CARPENTER TECHNOLOGY COMMON STOCK USD5.0 $ 10,863 CARRIAGE SERVICES INC $ 735 CARRIZO OIL + GAS INC COMMON STOCK USD.01 $ 10,570 CARROLS RESTAURANT GROUP INC COMMON STOCK USD.01 $ 373 CARS.COM INC-W/I $ 4,226 CARTER'S INC $ 10,879 CASCADIAN THERAPEUTICS INC $ 417 CASELLA WASTE SYSTEMS INC A COMMON STOCK USD.01 $ 976 CASEY'S GENERAL STORES INC $ 8,334 CASS INFORMATION SYSTEMS INC $ 1,899 CATALENT INC COMMON STOCK USD.01 $ 82,737 CATALYST PHARMACEUTICALS INC COMMON STOCK USD.001 $ 3,820 CATCHMARK TIMBER TRUST INC A REIT USD.01 $ 37,064 CATERPILLAR INC COMMON STOCK USD1.0 $ 4,330 CATHAY GENERAL BANCORP $ 7,056 CATO CORP CLASS A COMMON STOCK USD.033 $ 31,744 CAVCO INDUSTRIES INC $ 3,109 CAVIUM INC $ 10,490 CBIZ INC COMMON STOCK USD.01 $ 15,643 CBL + ASSOCIATES PROPERTIES REIT USD.01 $ 493 CBOE GLOBAL MARKETS INC COMMON STOCK $ 8,286

18 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) CBRE GROUP INC A COMMON STOCK USD.01 $ 3,399 CBS CORP CLASS B WHEN DISTRI COMMON STOCK USD.001 $ 13 CDK GLOBAL INC COMMON STOCK USD.01 $ - CDW CORP/DE COMMON STOCK USD.01 $ 9,135 CECO ENVIRONMENTAL CORP COMMON STOCK USD.01 $ 858 CEDAR REALTY TRUST INC REIT USD.06 $ 3,748 CELADON GROUP INC COMMON STOCK USD.033 $ 3,280 CELANESE CORP SERIES A COMMON STOCK USD.0001 $ 833 CELESTICA INC COMMON STOCK NPV $ 29,270 CELGENE CORP COMMON STOCK USD.01 $ 1,047 CELLDEX THERAPEUTICS INC COMMON STOCK USD.001 $ - CENTENE CORP COMMON STOCK USD.001 $ 9,759 CENTENNIAL RESOURCE DEVELO-A $ 10,418 CENTERPOINT ENERGY INC COMMON STOCK USD.01 $ 580,928 CENTERSTATE BANK CORP $ 3,383 CENTRAL EURO MEDIA WARRANTS $ - CENTRAL EUROPEAN MEDIA ENTERPRISES LTD $ 437 CENTRAL GARDEN AND PET CO $ 813 CENTRAL GARDEN AND PET CO A COMMON STOCK USD.01 $ 12,943 CENTRAL PAC FINANCIAL $ 2,363 CENTRAL VALLEY COMM BANCORP $ 349 CENTURY ALUMINUM COMPANY COMMON STOCK USD.01 $ 17,325 CENTURY BANCORP INC/MA $ 206 CENTURY CASINOS INC COMMON STOCK USD.01 $ - CENTURY COMMUNITIES INC $ 1,733 CENTURYLINK INC COMMON STOCK USD1.0 $ 10,671 CERNER CORP COMMON STOCK USD.01 $ 92,896 CEVA INC COMMON STOCK USD.001 $ 76,564 CF INDUSTRIES HOLDINGS INC COMMON STOCK USD.01 $ 2,794 CHARLES RIVER LABORATORIES COMMON STOCK USD.01 $ 3,532 CHART INDUSTRIES INC COMMON STOCK USD.01 $ 3,326 CHARTER COMMUNICATIONS INC A COMMON STOCK USD.001 $ 4,467 CHARTER FINANCIAL CORP COMMON STOCK USD.01 $ 441 CHASE CORP $ 2,845 CHATHAM LODGING TRUST REIT USD.01 $ 26 CHECK POINT SOFTWARE TECH COMMON STOCK USD.01 $ 11,017 CHEESECAKE FACTORY INC/THE COMMON STOCK USD.01 $ 13 CHEFS WAREHOUSE INC $ 1,333 CHEMED CORP $ 7,497 CHEMICAL FINANCIAL CORP $ 7,962 CHEMOURS CO/THE COMMON STOCK $ 32,910 CHEMUNG FINANCIAL CORP $ 308 CHENIERE ENERGY INC COMMON STOCK USD.003 $ 4,691 CHENIERE ENERGY PARTNERS $ 13,267 CHEROKEE INC $ 52 CHERRY HILL MORTGAGE INVESTM REIT USD.01 $ 6,468 CHESAPEAKE ENERGY CORP COMMON STOCK USD.01 $ 1,760 CHESAPEAKE LODGING TRUST REIT USD.01 $ 9,167 CHESAPEAKE UTILITIES CORP $ 2,870

19 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) CHEVRON CORP COMMON STOCK USD.75 $ 30,338 CHICAGO BRIDGE + IRON CO NV COMMON STOCK EUR.01 $ 1,262 CHICO S FAS INC COMMON STOCK USD.01 $ 16,086 CHIMERA INVESTMENT CORP REIT USD.01 $ 1,343 CHIMERIX INC COMMON STOCK USD.001 $ - CHINA CORD BLOOD CORP COMMON STOCK USD.0001 $ - CHINA YUCHAI INTL LTD COMMON STOCK USD.1 $ 4,616 CHIPOTLE MEXICAN GRILL INC COMMON STOCK USD.01 $ 154 CHOICE HOTELS INTL INC COMMON STOCK USD.01 $ 1,604 CHRISTOPHER & CORP $ 140 CHROMADEX CORP COMMON STOCK USD.001 $ 725 CHUBB LTD COMMON STOCK $ 12,323 CHURCH + DWIGHT CO INC COMMON STOCK USD1.0 $ 38 CHURCHILL DOWNS INC COMMON STOCK $ 2,539 CHUY'S HOLDINGS INC $ 1,131 CIENA CORP COMMON STOCK USD.01 $ 64 CIGNA CORP $ 3,533 CIGNA CORP COMMON STOCK USD.25 $ 1,550 CIMAREX ENERGY CO COMMON STOCK USD.01 $ 66,940 CIMPRESS NV COMMON STOCK USD.001 $ 2,662 CINCINNATI BELL INC COMMON STOCK USD.01 $ 9,262 CINCINNATI FINANCIAL CORP COMMON STOCK USD2.0 $ 38 CINEMARK HOLDINGS INC COMMON STOCK USD.001 $ 90,872 CINTAS CORP COMMON STOCK $ 2,270 CIRCOR INTERNATIONAL INC $ 1,708 CIRRUS LOGIC INC COMMON STOCK USD.001 $ 46,433 CISCO SYSTEMS INC COMMON STOCK USD.001 $ 1,380 CITI TRENDS INC COMMON STOCK USD.01 $ 11,482 CITIGROUP INC COMMON STOCK USD.01 $ 59,350 CITIZENS + NORTHERN CORP COMMON STOCK USD1.0 $ 48,378 CITIZENS FINANCIAL GROUP COMMON STOCK USD.01 $ 12,645 CITIZENS INC/TX $ 886 CITRIX SYSTEMS INC COMMON STOCK USD.001 $ 3,604 CITY HOLDING CO $ 2,485 CITY OFFICE REIT INC REIT USD.01 $ 3,918 CIVEO CORP COMMON STOCK USD.01 $ 95,279 CIVISTA BANCSHARES INC $ 238 CIVITAS SOLUTIONS INC COMMON STOCK USD.01 $ - CLEAN ENERGY FUELS CORP $ 490 CLEAN HARBORS INC $ 5,898 CLEAR CHANNEL OUTDOOR HOLDINGS INC $ 824 CLEARFIELD, INC. $ 291 CLEARWATER PAPER CORP COMMON STOCK USD.0001 $ 6,334 CLEVELAND CLIFFS INC COMMON STOCK USD.125 $ 10,845 CLIFTON BANCORP INC COMMON STOCK USD.01 $ 49,671 CLOROX CO/THE $ 192,442 CLOROX COMPANY COMMON STOCK USD1.0 $ 1,755 CLOUD PEAK ENERGY INC COMMON STOCK USD.01 $ 11,475 CLOUDERA INC COMMON STOCK USD.00005 $ 4,764

20 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) CME GROUP INC COMMON STOCK USD.01 $ - CMS ENERGY CORP COMMON STOCK USD.01 $ 6,537 CNB FINANCIAL CORP/PA $ 851 CNH INDUSTRIAL NV COMMON STOCK EUR.01 $ - CNO FINANCIAL GROUP INC COMMON STOCK USD.01 $ 4,957 CNOVA NV COMMON STOCK EUR.05 $ 13 CNX RESOURCES CORP COMMON STOCK USD.01 $ 13,617 COBIZ FINANCIAL INC $ 1,661 COCA COLA CO/THE COMMON STOCK USD.25 $ 24,637 COCA COLA EUROPEAN PARTNERS COMMON STOCK EUR.01 $ 12,016 COCA-COLA BOTTLING CO CONSOLIDATED $ 3,604 COCA-COLA CO/THE $ 3,557 CODORUS VALLEY BANCORP INC $ 312 COEUR MINING INC COMMON STOCK USD.01 $ 5,930 COGENT COMMUNICATIONS HOLDINGS INC $ 4,521 COGNEX CORP $ 12,098 COGNIZANT TECH SOLUTIONS A COMMON STOCK USD.01 $ 1,917 COHEN & STEERS INC $ 4,588 COHERENT INC COMMON STOCK USD.01 $ 1,358 COHU INC COMMON STOCK USD1.0 $ 4,862 COLFAX CORP $ 10,056 COLGATE PALMOLIVE CO COMMON STOCK USD1.0 $ 27,601 COLLECTORS UNIVERSE $ 644 COLLIERS INTERNATIONAL GROUP COMMON STOCK $ 10,680 COLONY NORTHSTAR INC CLASS A REIT USD.01 $ 5,568 COLUMBIA BANKING SYSTEM INC COMMON STOCK $ 1,685 COLUMBIA PROPERTY TRUST INC REIT USD.01 $ 6,311 COLUMBIA SPORTSWEAR CO $ 9,672 COLUMBUS MCKINNON CORP/NY COMMON STOCK USD.01 $ 2,614 COMCAST CORP CLASS A COMMON STOCK USD.01 $ 128 COMERICA INC COMMON STOCK USD5.0 $ 3,885 COMFORT SYSTEMS USA INC COMMON STOCK USD.01 $ 5,650 COMMERCE BANCSHARES INC/KANSAS CITY MO $ 12,234 COMMERCEHUB INC SERIES A $ 570 COMMERCEHUB INC SERIES C COMMON STOCK USD.01 $ - COMMERCIAL METALS CO $ 5,079 COMMERCIAL VEHICLE GROUP INC COMMON STOCK USD.01 $ 51 COMMSCOPE HOLDING CO INC COMMON STOCK USD.01 $ 615 COMMUNITY BANK SYSTEM INC $ 5,786 COMMUNITY BANKERS TRUST CORP $ 481 COMMUNITY HEALTH SYSTEMS INC COMMON STOCK USD.01 $ 650 COMMUNITY HEALTHCARE TRUST I REIT USD.01 $ 2,122 COMMUNITY TRUST BANCORP INC $ 1,912 COMMVAULT SYSTEMS INC COMMON STOCK USD.01 $ 5,210 COMPASS MINERALS INTERNATIONAL INC $ 4,923 COMPUTER PROGRAMS & SYSTEMS INC $ 716 COMPUTER TASK GROUP INC $ 133 COMTECH TELECOMMUNICATIONS COMMON STOCK USD.1 $ - CONAGRA BRANDS INC COMMON STOCK USD5.0 $ 50,562

21 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) CONCERT PHARMACEUTICALS INC COMMON STOCK USD.001 $ 90 CONCHO RESOURCES INC COMMON STOCK USD.001 $ 1,539 CONCORDIA INTERNATIONAL CORP COMMON STOCK $ 13 CONDUENT INC COMMON STOCK USD.01 $ 10,447 CONMED CORP $ 2,962 CONNECTICUT WATER SERVICE INC $ 1,727 CONNECTONE BANCORP INC $ 1,888 CONN'S INC $ 944 CONOCOPHILLIPS COMMON STOCK USD.01 $ 5,088 CONSOL ENERGY INC $ 2,434 CONSOLIDATED COMMUNICATIONS COMMON STOCK USD.01 $ - CONSOLIDATED EDISON INC $ 53,180 CONSOLIDATED EDISON INC COMMON STOCK USD.1 $ 2,437 CONSOLIDATED-TOMOKA LAND CO $ 997 CONSTELLATION BRANDS INC A COMMON STOCK USD.01 $ 55,858 CONSTELLIUM NV CLASS A COMMON STOCK EUR.02 $ 4,451 CONSUMER PORTFOLIO SERVICES $ 211 CONTAINER STORE GROUP INC/TH COMMON STOCK USD.01 $ - CONTANGO OIL & GAS CO $ 153 CONTINENTAL BUILDING PRODUCT COMMON STOCK USD.001 $ - CONTINENTAL RESOURCES INC/OK COMMON STOCK USD.01 $ - CONTROL4 CORP $ 1,807 CONVERGYS CORP COMMON STOCK $ 2,670 COOPER COS INC/THE COMMON STOCK USD.1 $ 14,061 COOPER STANDARD HOLDING COMMON STOCK USD.001 $ 26 COOPER TIRE & RUBBER CO $ 4,042 COPA HOLDINGS SA CLASS A COMMON STOCK $ 5,773 COPART INC COMMON STOCK $ 22,243 CORCEPT THERAPEUTICS INC COMMON STOCK USD.001 $ 231 CORE LABORATORIES NV $ 9,555 CORECIVIC INC REIT USD.01 $ 4,867 CORELOGIC INC COMMON STOCK USD1.0 $ 342 CORE-MARK HOLDING CO INC $ 3,034 CORESITE REALTY CORP $ 8,337 CORNERSTONE ONDEMAND INC COMMON STOCK USD.0001 $ 1,658 CORNING INC COMMON STOCK USD.5 $ 5,788 CORPORATE OFFICE PROPERTIES TRUST $ 6,047 CORVEL CORP $ 2,369 COSAN LTD CLASS A SHARES COMMON STOCK USD.01 $ 9,156 COSTAMARE INC COMMON STOCK USD.0001 $ 8,087 COSTCO WHOLESALE CORP COMMON STOCK USD.005 $ 379 COTIVITI HOLDINGS INC COMMON STOCK USD.001 $ 2,401 COTT CORPORATION COMMON STOCK $ 13,536 COTY INC CL A COMMON STOCK USD.01 $ 10,686 COUNTRY BANCORP INC $ 321 COUPA SOFTWARE INC COMMON STOCK USD.0001 $ 346 COUSINS PROPERTIES INC REIT USD1.0 $ 13 COVANTA HOLDING CORP COMMON STOCK USD.1 $ 733 COVENANT TRANSPORT GRP CL A COMMON STOCK USD.01 $ 7,658

22 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) COWEN INC $ 950 CPI CARD GROUP INC COMMON STOCK USD.001 $ 1,814 CRA INTERNATIONAL INC COMMON STOCK $ 3,179 CRACKER BARREL OLD COUNTRY STORE INC $ 7,339 CRAFT BREWERS ALLIANCE INC $ 823 CRANE CO COMMON STOCK USD1.0 $ 2,625 CRAWFORD & CO $ 1,246 CRAY INC COMMON STOCK USD.01 $ 38 CREDICORP LTD COMMON STOCK USD5.0 $ 5,580 CREDIT ACCEPTANCE CORP $ 9,588 CREE INC COMMON STOCK USD.00125 $ 1,268 CROCS INC COMMON STOCK USD.001 $ 76,984 CROSS COUNTRY HEALTHCARE INC $ 1,094 CROWN CASTLE INTL CORP REIT USD.01 $ 8,212 CROWN HOLDINGS INC COMMON STOCK USD5.0 $ 12,817 CRYOLIFE INC COMMON STOCK USD.01 $ 3,652 CSG SYSTEMS INTERNATIONAL INC $ 3,057 CSRA INC COMMON STOCK USD.001 $ 19,245 CSS INDUSTRIES INC $ 193 CSW INDUSTRIAL INC $ 1,430 CSX CORP COMMON STOCK USD1.0 $ 3,182 CTBC FINANCIAL HOLDING CO LT COMMON STOCK TWD10. $ 372 CTS CORP $ 875 CUBESMART REIT USD.01 $ 1,319 CUBIC CORP $ 3,641 CUI GLOBAL INC $ 154 CULLEN/FROST BANKERS INC $ 12,349 CULP INC $ 1,031 CUMMINS INC COMMON STOCK USD2.5 $ 16,973 CURIS INC COMMON STOCK USD.01 $ 4,351 CURTISS WRIGHT CORP COMMON STOCK USD1.0 $ 14,763 CUSTOMERS BANCORP INC $ 1,779 CUTERA INC COMMON STOCK USD.001 $ 2,905 CVB FINANCIAL CORP $ 5,363 CVR ENERGY INC $ 3,974 CVS HEALTH CORP COMMON STOCK USD.01 $ 3,620 CYBERARK SOFTWARE LTD/ COMMON STOCK ILS.01 $ 2,185 CYBEROPTICS CORP $ 259 CYCLACEL PHARMACEUTICALS INC COMMON STOCK USD.001 $ - CYPRESS SEMICONDUCTOR CORP COMMON STOCK USD.01 $ 43,389 CYRUSONE INC $ 11,458 CYS INVESTMENTS INC REIT USD.01 $ 641 CYTOKINETICS INC COMMON STOCK USD.001 $ 1,612 CYTOMX THERAPEUTICS INC COMMON STOCK USD.00001 $ 1,758 DAILY JOURNAL CORP $ 821 DAKTRONICS INC COMMON STOCK $ 6,742 DANA HOLDING CORP $ 10,813 DANAHER CORP COMMON STOCK USD.01 $ 78,071 DARDEN RESTAURANTS INC $ 436

23 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) DARDEN RESTAURANTS INC COMMON STOCK $ 7,610 DARLING INGREDIENTS INC COMMON STOCK USD.01 $ 167 DASEKE INC COMMON STOCK $ 3,523 DATAWATCH CORP COMMON STOCK USD.01 $ 6,249 DAVE + BUSTER S ENTERTAINMEN COMMON STOCK USD.01 $ 2,055 DAVITA INC COMMON STOCK USD.001 $ 10,283 DCT INDUSTRIAL TRUST INC $ 11,457 DDR CORP REIT USD.1 $ 10,126 DEAN FOODS CO COMMON STOCK USD.01 $ 9,967 DECKERS OUTDOOR CORP $ 5,380 DEERE + CO COMMON STOCK USD1.0 $ 3,691 DEL FRISCO RESTAURANT GROUP INC $ 858 DEL TACO RESTAURANTS INC $ 853 US HOLDINGS INC $ 7,696 DELL TECHNOLOGIES INC CLASS V $ 77 DELTA AIR LINES INC COMMON STOCK USD.0001 $ 1,261 DELTIC TIMBER CORP $ 2,114 DELUXE CORP $ 7,782 DENBURY RESOURCES INC $ 743 DENNY'S CORP $ 1,803 DENTSPLY SIRONA INC COMMON STOCK USD.01 $ 2,177 DEPOMED INC $ 985 DESTINATION MATERNITY CORP $ 67 DESTINATION XL GROUP INC $ 328 DEVON ENERGY CORP COMMON STOCK USD.1 $ 1,368 DHI GROUP INC COMMON STOCK USD.01 $ 3,563 DHT HOLDINGS INC $ 756 DIAMOND HILL INVESTMENT GROUP INC $ 1,397 DIAMOND OFFSHORE DRILLING COMMON STOCK USD.01 $ 579 DIAMONDBACK ENERGY INC COMMON STOCK USD.01 $ 26 DIAMONDROCK HOSPITALITY CO $ 4,888 DIANA CONTAINERSHIPS INC COMMON STOCK $ 7,320 DIANA SHIPPING INC COMMON STOCK USD.01 $ 807 DICK S SPORTING GOODS INC COMMON STOCK USD.01 $ 81,737 DIEBOLD NIXDORF INC $ 2,395 DIGI INTERNATIONAL INC COMMON STOCK USD.01 $ 38,655 DIGITAL REALTY TRUST INC REIT USD.01 $ 15,263 DILLARD'S INC $ 3,256 DIME COMMUNITY BANCSHARES COMMON STOCK USD.01 $ 664 DINEEQUITY INC $ 1,543 DIODES INC COMMON STOCK USD.667 $ 833 DIPLOMAT PHARMACY INC COMMON STOCK $ 8,273 DISCOVER FINANCIAL SERVICES COMMON STOCK USD.01 $ 948 DISCOVERY COMMUNICATIONS A COMMON STOCK USD.01 $ 13,048 DISCOVERY COMMUNICATIONS C COMMON STOCK USD.01 $ 109,333 DISH NETWORK CORP A COMMON STOCK USD.01 $ 12,978 DIXIE GROUP INC $ 141 DMC GLOBAL INC $ 1,129 DOLBY LABORATORIES INC CL A COMMON STOCK USD.001 $ 1,094

24 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) DOLLAR GENERAL CORP COMMON STOCK USD.875 $ 218 INC COMMON STOCK USD.01 $ 5,395 DOMINION ENERGY INC COMMON STOCK $ 564 DOMINO S PIZZA INC COMMON STOCK USD.01 $ 7,277 DOMTAR CORP COMMON STOCK USD.01 $ 624 DONALDSON CO INC COMMON STOCK USD5.0 $ - DONEGAL GROUP INC $ 1,010 DONNELLEY FINANCIAL SOLUTIONS $ 1,155 DORIAN LPG LTD COMMON STOCK USD.01 $ 7,632 DORMAN PRODUCTS INC $ 3,586 DOUGLAS DYNAMICS INC COMMON STOCK USD.01 $ - DOUGLAS EMMETT INC $ 11,993 DOVER CORP COMMON STOCK USD1.0 $ 77,355 DOWDUPONT INC COMMON STOCK USD.01 $ 4,310 DR HORTON INC COMMON STOCK USD.01 $ 5,667 DR PEPPER SNAPPLE GROUP INC $ 692 DR PEPPER SNAPPLE GROUP INC COMMON STOCK USD.01 $ - DRIL QUIP INC COMMON STOCK USD.01 $ 10,332 DRIVE SHACK INC COMMON STOCK USD.01 $ 3,066 DRYSHIPS INC COMMON STOCK USD.01 $ 8,076 DSP GROUP INC COMMON STOCK USD.001 $ 51 DST SYSTEMS INC COMMON STOCK USD.01 $ - DSW INC $ 2,682 DTE ENERGY CO $ 5,893 DTE ENERGY COMPANY COMMON STOCK $ 4,872 DUCOMMUN INC COMMON STOCK USD.01 $ 30,381 DUKE ENERGY CORP $ 4,353 DUKE ENERGY CORP COMMON STOCK USD.001 $ 59,496 DUKE REALTY CORP REIT USD.01 $ 1,466 DULUTH HOLDINGS INC - CL B $ 425 DUN & BRADSTREET CORP DEL $ 8,969 DUNKIN BRANDS GROUP INC $ 12,120 DXC TECHNOLOGY CO COMMON STOCK USD.01 $ 815 DXP ENTERPRISES INC COMMON STOCK USD.01 $ 2,416 DYAX CONTINGENT VALUE RIGHTS $ 774 DYCOM INDUSTRIES INC COMMON STOCK USD.333 $ 4,528 DYNAVAX TECHNOLOGIES CORP COMMON STOCK USD.001 $ 487 DYNEGY INC $ 3,306 DYNEX CAPITAL INC REIT USD.01 $ 833 E TRADE FINANCIAL CORP COMMON STOCK USD.01 $ 4,275 EAGLE BANCORP INC $ 3,816 EAGLE BULK SHIPPING INC COMMON STOCK USD.01 $ 4,338 EAGLE MATERIALS INC $ 11,054 EARTHSTONE ENERGY INC - A $ 514 EAST WEST BANCORP INC COMMON STOCK USD.001 $ 13 EASTERLY GOVERNMENT PROPERTI REIT USD.01 $ 4,350 EASTERN CO/THE $ 226 EASTGROUP PROPERTIES INC $ 6,620 EASTMAN CHEMICAL CO COMMON STOCK USD.01 $ 6,278

25 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) EASTMAN KODAK CO COMMON STOCK USD.01 $ - EATON CORP PLC COMMON STOCK USD.01 $ 2,034 EATON VANCE CORP $ 12,240 EBAY INC COMMON STOCK USD.001 $ 10,958 EBIX INC $ 4,274 ECHO GLOBAL LOGISTICS INC $ 1,944 ECHOSTAR CORP A COMMON STOCK USD.001 $ 3,547 ECLIPSE RESOURCES CORP $ 876 ECOLAB INC COMMON STOCK USD1.0 $ 35,532 EDGEWELL PERSONAL CARE CO COMMON STOCK USD.01 $ 39,639 EDISON INTERNATIONAL COMMON STOCK $ 110,657 EDUCATION REALTY TRUST INC $ 5,715 EDWARDS LIFESCIENCES CORP COMMON STOCK USD1.0 $ 47,366 EHEALTH INC COMMON STOCK USD.001 $ 2,508 EL PASO ELECTRIC CO $ 4,902 EL POLLO LOCO HOLDINGS INC COMMON STOCK USD.01 $ 26 ELDORADO GOLD CORP COMMON STOCK $ 423 ELDORADO RESORTS INC COMMON STOCK $ 90 ELECTRO SCIENTIFIC INDS INC COMMON STOCK $ 384 ELECTRONIC ARTS INC COMMON STOCK USD.01 $ 9,124 ELECTRONICS FOR IMAGING COMMON STOCK USD.01 $ 51 ELI LILLY & CO $ 6,737 ELI LILLY + CO COMMON STOCK $ 17,249 ELLIE MAE INC $ 5,082 EMC INSURANCE GROUP INC $ 1,529 EMCOR GROUP INC COMMON STOCK USD.01 $ 3,475 EMCORE CORP COMMON STOCK $ 9,183 EMERGENT BIOSOLUTIONS INC $ 3,629 EMERSON ELECTRIC CO COMMON STOCK USD.5 $ 34,595 EMPIRE STATE REALTY TRUST A REIT USD.01 $ 13 EMPLOYERS HOLDINGS INC COMMON STOCK USD.01 $ 31,332 ENANTA PHARMACEUTICALS INC COMMON STOCK USD.01 $ 5,908 ENBRIDGE ENERGY MANAGEMENT L COMMON STOCK USD.01 $ 2,627 ENBRIDGE INC COMMON STOCK $ 1,896 ENCANA CORP COMMON STOCK $ 5,578 ENCORE CAPITAL GROUP INC COMMON STOCK USD.01 $ 185,522 ENCORE WIRE CORP $ 1,668 ENDEAVOUR SILVER CORP COMMON STOCK $ 23,613 ENDO INTERNATIONAL PLC COMMON STOCK USD.0001 $ 9,801 ENDURANCE INTERNATIONAL GROUP HOLDINGS INC $ 2,279 ENERGEN CORP COMMON STOCK USD.01 $ 5,501 ENERGIZER HOLDINGS INC COMMON STOCK $ 7,735 ENERGY XXI GULF COAST INC COMMON STOCK $ 2,068 ENERSYS COMMON STOCK USD.01 $ - ENGILITY HOLDINGS INC COMMON STOCK USD.01 $ 5,381 ENLINK MIDSTREAM LLC $ 4,885 ENNIS INC COMMON STOCK USD2.5 $ 7,845 ENOVA INTERNATIONAL INC COMMON STOCK USD.00001 $ 15,399 ENPHASE ENERGY INC COMMON STOCK USD.00001 $ 13

26 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) ENPRO INDUSTRIES INC COMMON STOCK USD.01 $ 6,434 ENSCO PLC CL A COMMON STOCK USD.1 $ 5,798 ENSIGN GROUP INC/THE COMMON STOCK USD.001 $ 1,883 ENSTAR GROUP LTD $ 6,727 ENTEGRA FINANCIAL CORP $ 451 ENTEGRIS INC COMMON STOCK USD.01 $ 71,655 ENTERCOM COMMUNICATIONS A WI COMMON STOCK USD.01 $ 2,492 ENTERGY CORP COMMON STOCK USD.01 $ 88,055 ENTERPRISE BANCORP INC $ 824 ENTERPRISE FINANCIAL SERVICE COMMON STOCK USD.01 $ 1,123 ENTRAVISION COMMUNICATIONS A COMMON STOCK USD.0001 $ 302,364 ENVESTNET INC $ 1,968 ENVISION HEALTHCARE CORP COMMON STOCK $ 43,445 ENZO BIOCHEM INC COMMON STOCK USD.01 $ 91,296 EOG RESOURCES INC COMMON STOCK USD.01 $ 12,570 EP ENERGY CORP CLASS A $ 235 EPAM SYSTEMS INC $ 11,136 EPLUS INC $ 2,106 EPR PROPERTIES REIT USD.01 $ 9,836 EQT CORP COMMON STOCK $ 2,221 EQUIFAX INC COMMON STOCK USD1.25 $ 121,954 EQUINIX INC REIT USD.001 $ 1,255 EQUITY BANCSHARES INC - CL A $ 822 EQUITY COMMONWEALTH REIT USD.01 $ 6,019 EQUITY RESIDENTIAL REIT USD.01 $ 1,556 ERA GROUP INC COMMON STOCK USD.01 $ 845 ERIE INDEMNITY CO $ 8,765 ESCALADE INC $ 399 ESCO TECHNOLOGIES INC $ 3,095 ESPERION THERAPEUTICS INC COMMON STOCK USD.001 $ 1,274 ESSA BANCORP INC $ 544 ESSENDANT INC COMMON STOCK USD.1 $ 1,439 ESSENT GROUP LTD COMMON STOCK USD.015 $ 4,171 ESSEX PROPERTY TRUST INC REIT USD.0001 $ 2,397 ESTEE LAUDER COMPANIES CL A COMMON STOCK USD.01 $ 10,999 ESTEE LAUDER COS INC/THE $ 11,496 ESTERLINE TECHNOLOGIES CORP COMMON STOCK USD.2 $ 835 ETHAN ALLEN INTERIORS INC $ 1,854 ETSY INC COMMON STOCK USD.001 $ 296,751 EURONAV NV COMMON STOCK NPV $ 28,800 EURONET WORLDWIDE INC COMMON STOCK USD.02 $ 336 EVANS BANCORP INC $ 270 EVERBRIDGE INC COMMON STOCK USD.001 $ 5,194 EVERCORE INC A COMMON STOCK USD.01 $ 9,119 EVEREST RE GROUP LTD COMMON STOCK USD.01 $ 11,723 EVERI HOLDINGS INC COMMON STOCK USD.001 $ 791 EVERSOURCE ENERGY COMMON STOCK USD5.0 $ 12,760 EVOLENT HEALTH INC $ 188 EVOLUTION PETROLEUM CORP COMMON STOCK USD.001 $ 23,440

27 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) EW SCRIPPS CO $ 2,200 EXACT SCIENCES CORP COMMON STOCK USD.01 $ 6,145 EXACTECH INC $ 1,549 EXELIXIS INC COMMON STOCK USD.001 $ 11,872 EXELON CORP $ 12,460 EXELON CORP COMMON STOCK $ 13 EXLSERVICE HOLDINGS INC COMMON STOCK USD.001 $ - EXPEDIA INC COMMON STOCK USD.001 $ 7,851 EXPEDITORS INTL WASH INC COMMON STOCK USD.01 $ 2,857 EXPONENT INC $ 3,679 EXPRESS INC COMMON STOCK $ 10,917 EXPRESS SCRIPTS HOLDING CO COMMON STOCK USD.01 $ 20,961 EXTENDED STAY AMERICA INC $ 7,520 EXTERRAN CORP COMMON STOCK USD.01 $ 7,215 EXTRA SPACE STORAGE INC REIT USD.01 $ 98,366 EXTREME NETWORKS INC COMMON STOCK USD.001 $ 82,709 EXXON MOBIL CORP COMMON STOCK $ 43,256 EZCORP INC CL A COMMON STOCK USD.01 $ 6,700 F5 NETWORKS INC COMMON STOCK $ 39,652 FABRINET COMMON STOCK USD.01 $ 121,504 INC A COMMON STOCK USD.000006 $ 2,678 FAIR ISAAC CORP $ 9,056 FAIRMOUNT SANTROL HOLDINGS I COMMON STOCK USD.01 $ 81,199 FAMOUS DAVE'S OF AMERICA INC $ 56 FARMER BROS CO $ 1,211 FARMERS CAPITAL BANK CORP $ 803 FARMERS NATIONAL BANC CORP $ 784 FARO TECHNOLOGIES INC COMMON STOCK USD.001 $ 19,724 FASTENAL CO COMMON STOCK USD.01 $ 589 FB FINANCIAL CORP $ 2,194 FBL FINANCIAL GROUP INC CL A COMMON STOCK $ 15,889 FCB FINANCIAL HOLDINGS CL A COMMON STOCK USD.001 $ 1,482 FEDERAL AGRICULTURAL MORTGAGE CORP $ 1,215 FEDERAL REALTY INVS TRUST REIT USD.01 $ 2,922 FEDERAL SIGNAL CORP COMMON STOCK USD1.0 $ 52,437 FEDERATED INVESTORS INC CL B COMMON STOCK $ 31,220 FEDERATED NATIONAL HOLDING CO $ 556 FEDEX CORP COMMON STOCK USD.1 $ 2,174 FERRARI NV COMMON STOCK EUR.01 $ 269 FERRO CORP $ 3,922 FERROGLOBE PLC $ 6,061 FERROGLOBE REPRESENTATION & $ - FIAT CHRYSLER AUTOMOBILES NV COMMON STOCK EUR.01 $ - FIBROGEN INC $ 6,955 FIDELITY NATIONAL INFO SERV COMMON STOCK USD.01 $ 6,435 FIDELITY SOUTHERN CORP COMMON STOCK $ 5,825 FIDUS INVESTMENT CORP COMMON STOCK USD.001 $ 13 FIESTA RESTAURANT GROUP INC $ 1,091 FIFTH THIRD BANCORP COMMON STOCK $ 2,156

28 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) FINANCIAL ENGINES INC $ 3,562 FINANCIAL INSTITUTIONS INC COMMON STOCK USD.01 $ 2,098 FINISAR CORPORATION COMMON STOCK USD.001 $ 523 FINISH LINE/THE CL A COMMON STOCK USD.01 $ 119,915 FIREEYE INC COMMON STOCK USD.0001 $ 1,754 FIRST ACCEPTANCE CORP $ 78 FIRST AMERICAN FINANCIAL COMMON STOCK USD.00001 $ 87,823 FIRST BANCORP INC/ME $ 539 FIRST BANCORP PUERTO RICO COMMON STOCK USD.1 $ - FIRST BANCORP/NC COMMON STOCK $ 13 FIRST BUSEY CORP $ 3,193 FIRST BUSINESS FINANCIAL SERVICES, INC $ 450 FIRST CITIZENS BANCSHARES INC/NC $ 9,420 FIRST COMMONWEALTH FINANCIAL CORP $ 3,239 FIRST COMMUNITY BANCSHARES INC/VA $ 1,213 FIRST CONNECTICUT BANCORP INC $ 947 FIRST DATA CORP CLASS A COMMON STOCK USD.01 $ 13 FIRST DEFIANCE FINANCIAL CORP $ 1,161 FIRST FINANCIAL BANCORP $ 3,381 FIRST FINANCIAL BANKSHARES INC $ 5,831 FIRST FINANCIAL CORP/IN $ 1,294 FIRST FINANCIAL NORTHWEST $ 430 FIRST FOUNDATION INC $ 1,551 FIRST HAWAIIAN INC COMMON STOCK USD.01 $ 9,341 FIRST HORIZON NATIONAL CORP $ 9,692 FIRST INDUSTRIAL REALTY TR REIT USD.01 $ 7,196 FIRST INTERNET BANCORP $ 591 FIRST INTERSTATE BANCSYS A COMMON STOCK $ 3,211 FIRST MAJESTIC SILVER CORP COMMON STOCK $ 320 FIRST MERCHANTS CORP $ 4,657 FIRST MID - ILLINOIS BANCSHARES INC $ 1,149 FIRST MIDWEST BANCORP INC/IL $ 5,128 FIRST NORTHWEST BANCORP $ 424 FIRST OF LONG ISLAND CORP/THE $ 1,698 FIRST SOLAR INC COMMON STOCK USD.001 $ 975 FIRSTCASH INC $ 6,922 FIRSTENERGY CORP COMMON STOCK USD.1 $ 6,856 FIRSTSERVICE CORP COMMON STOCK $ 677 FISERV INC COMMON STOCK USD.01 $ - FITBIT INC A COMMON STOCK USD.0001 $ 26,998 FIVE BELOW INC $ 7,220 FIVE PRIME THERAPEUTICS INC $ 1,064 FIVE STAR SENIOR LIVING INC COMMON STOCK USD.01 $ - FIVE9 INC COMMON STOCK USD.001 $ 2,446 FLAGSTAR BANCORP INC $ 4,618 FLEETCOR TECHNOLOGIES INC COMMON STOCK USD.001 $ 13 FLEX LTD COMMON STOCK $ 6,631 FLEXSTEEL INDUSTRIES $ 819 FLIR SYSTEMS INC COMMON STOCK USD.01 $ 23,365

29 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) FLOOR + DECOR HOLDINGS INC A COMMON STOCK USD.001 $ 395 FLOTEK INDUSTRIES INC COMMON STOCK USD.0001 $ 1,954 FLOWERS FOODS INC COMMON STOCK USD.01 $ 1,038 FLOWSERVE CORP $ 10,069 FLOWSERVE CORP COMMON STOCK USD1.25 $ 6,252 FLUIDIGM CORP COMMON STOCK USD.001 $ 7,407 FLUOR CORP COMMON STOCK USD.01 $ 1,832 FLUSHING FINANCIAL CORP COMMON STOCK USD.01 $ 10,599 FMC CORP COMMON STOCK USD.1 $ 3,969 FNB BANCORP $ 770 FNB CORP COMMON STOCK USD.01 $ 13 FNF GROUP TRACKING STK USD.0001 $ - FONAR CORP COMMON STOCK USD.0001 $ - FOOT LOCKER INC COMMON STOCK USD.01 $ 46,522 FORD MOTOR CO COMMON STOCK USD.01 $ 28,886 FOREST CITY REALTY TRUST A REIT USD.01 $ 13,512 FORESTAR GROUP INC COMMON STOCK USD1.0 $ 1,766 FORMFACTOR INC COMMON STOCK USD.001 $ 42,252 FORRESTER RESEARCH INC $ 1,576 FORTINET INC COMMON STOCK USD.001 $ 30,744 FORTIVE CORP COMMON STOCK USD.01 $ 7,205 FORTUNA SILVER MINES INC COMMON STOCK $ 109,959 FORTUNE BRANDS HOME + SECURI COMMON STOCK USD.01 $ 15,734 FORUM ENERGY TECHNOLOGIES INC $ 3,074 FORWARD AIR CORP $ 3,404 FOSSIL GROUP INC COMMON STOCK USD.01 $ 2,692 FOUR CORNERS PROPERTY TRUST INC $ 3,454 FACTORY HOLDING CORP $ 2,868 FRANCESCAS HOLDINGS CORPORATION $ 632 FRANKLIN COVEY CO $ 970 FRANKLIN ELECTRIC CO INC $ 4,330 FRANKLIN FINANCIAL NETWORK $ 860 FRANKLIN RESOURCES INC COMMON STOCK USD.1 $ 5,874 FRANKLIN STREET PROPERTIES CORP $ 2,347 FRANK'S INTERNATIONAL N.V $ 1,749 FRED'S INC $ 454 FREEPORT MCMORAN INC COMMON STOCK USD.1 $ 20,552 FREIGHTCAR AMERICA INC $ 366 FREQUENCY ELECTRONICS INC $ 162 FRESH DEL MONTE PRODUCE INC COMMON STOCK USD.01 $ 436 FRONTIER COMMUNICATIONS CORP $ 389 FRP HOLDINGS INC $ 1,149 FS BANCORP INC $ 354 FS INVESTMENT CORP COMMON STOCK USD.001 $ 159 FTD COS INC COMMON STOCK USD.0001 $ 5,560 FTI CONSULTING INC $ 3,290 FULTON FINANCIAL CORP $ 6,360 FUNKO INC CLASS A COMMON STOCK USD.0001 $ 2,669 FUTUREFUEL CORP COMMON STOCK USD.0001 $ 13

30 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) G III APPAREL GROUP LTD COMMON STOCK USD.01 $ 17,189 GAIA INC $ 295 GAIN CAPITAL HOLDINGS INC COMMON STOCK USD.00001 $ 1,756 GAMCO INVESTORS INC $ 785 GAMESTOP CORP CLASS A COMMON STOCK USD.001 $ 6,062 GAMING AND LEISURE PROPERTIE REIT $ 10,634 GANNETT CO INC $ 3,065 GAP INC/THE $ - GAP INC/THE COMMON STOCK USD.05 $ 17,656 GARDNER DENVER HOLDINGS INC COMMON STOCK USD.01 $ 4,926 GARMIN LTD COMMON STOCK CHF10.0 $ 15,086 GARRISON CAPITAL INC COMMON STOCK USD.001 $ 4,443 GARTNER INC COMMON STOCK USD.0005 $ 17,317 GASLOG LTD $ 3,048 GATX CORP $ 4,430 GCP APPLIED TECHNOLOGIES INC $ 4,659 GENCOR INDUSTRIES INC $ 316 GENERAC HOLDINGS INC COMMON STOCK USD.01 $ 5,149 GENERAL CABLE CORP $ 3,190 GENERAL COMMUNICATION INC $ 3,313 GENERAL DYNAMICS CORP COMMON STOCK USD1.0 $ 9,237 GENERAL ELECTRIC CO COMMON STOCK USD.06 $ 242,926 GENERAL MILLS INC COMMON STOCK USD.1 $ 6,815 CO COMMON STOCK USD.01 $ 1,719 GENESCO INC $ 1,338 GENESEE & WYOMING INC $ 10,188 GENIE ENERGY LTD. - B $ 289 GENMARK DIAGNOSTICS INC COMMON STOCK USD.0001 $ 7,571 GENOMIC HEALTH INC COMMON STOCK USD.0001 $ - GENPACT LTD COMMON STOCK USD.01 $ 145,871 GENTEX CORP $ 12,035 GENTHERM INC COMMON STOCK $ 13,161 GENUINE PARTS CO COMMON STOCK USD1.0 $ 3,489 GENWORTH FINANCIAL INC $ 2,335 GEO GROUP INC/THE REIT USD.01 $ 372 GEOSPACE TECHNOLOGIES CORP $ 193 GERMAN AMERICAN BANCORP INC $ 1,829 GETTY REALTY CORP REIT USD.01 $ - GGP INC REIT USD.01 $ 17,994 GIBRALTAR INDUSTRIES INC $ 2,073 ACTIVEWEAR INC COMMON STOCK $ 1,149 GILEAD SCIENCES INC $ 13 GILEAD SCIENCES INC COMMON STOCK USD.001 $ 6,823 GLACIER BANCORP INC $ 5,800 GLADSTONE CAPITAL CORP COMMON STOCK USD.001 $ 13 GLADSTONE COMMERCIAL CORP REIT USD.001 $ 38,291 GLADSTONE INVESTMENT CORP COMMON STOCK USD.001 $ - GLAUKOS CORP COMMON STOCK USD.001 $ 5,455 GLOBAL BRASS + COPPER HOLDIN COMMON STOCK USD.01 $ 76,702

31 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) GLOBAL EAGLE ENTERTAINMENT INC $ 233 GLOBAL INDEMNITY LTD $ 1,187 GLOBAL MEDICAL REIT INC $ 213 GLOBAL NET LEASE INC $ 3,046 GLOBAL PAYMENTS INC COMMON STOCK $ - GLOBAL POWER EQUIPMENT GROUP $ 116 GLOBANT SA $ 3,057 GLOBUS MEDICAL INC A COMMON STOCK USD.001 $ - GMS INC $ 3,315 GNC HOLDINGS INC CL A COMMON STOCK USD.001 $ 4,158 GODADDY INC CLASS A COMMON STOCK USD.001 $ 1,422 GOLD RESOURCE CORP COMMON STOCK USD.001 $ 7,978 GOLDCORP INC COMMON STOCK $ 4,401 GOLDEN OCEAN GROUP LTD $ 340 GOLDEN STAR RESOURCES LTD COMMON STOCK $ 1,591 GOLDFIELD CORP $ 244 GOLDMAN SACHS GROUP INC COMMON STOCK USD.01 $ 1,739 GOODYEAR TIRE + RUBBER CO COMMON STOCK $ 2,271 GORMAN-RUPP CO/THE $ 1,701 GOVERNMENT PROPERTIES INCOME TRUST $ 3,592 GP STRATEGIES CORP $ 836 GRACO INC $ 2,784 GRAHAM CORP $ 456 GRAHAM HOLDINGS CO $ 5,501 GRAMERCY PROPERTY TRUST REIT USD.01 $ 715 GRAN TIERRA ENERGY INC COMMON STOCK USD.001 $ 10,578 GRAND CANYON EDUCATION INC $ 9,472 GRANITE CONSTRUCTION INC $ 4,974 GRANITE POINT MORTGAGE TRUST REIT USD.01 $ 1,999 GRAPHIC PACKAGING HOLDING CO COMMON STOCK USD.01 $ 10,992 GRAY TELEVISION INC $ 3,034 GREAT LAKES DREDGE & DOCK CORP $ 576 GREAT PANTHER SILVER LTD COMMON STOCK $ 7,198 GREAT PLAINS ENERGY INC COMMON STOCK $ 2,596 GREAT SOUTHERN BANCORP INC $ 1,355 GREAT WESTERN BANCORP INC $ 4,834 GREEN BANCORP INC $ 1,749 GREEN BRICK PARTNERS $ 1,101 GREEN DOT CORP CLASS A COMMON STOCK USD.001 $ 21,291 GREEN PLAINS INC COMMON STOCK USD.001 $ 1,448 GREENBRIER COMPANIES INC COMMON STOCK $ 1,161 GREENHILL & CO INC $ 1,226 GREENLIGHT CAPITAL RE LTD A COMMON STOCK USD.01 $ 9,823 GREIF INC $ 2,214 GREIF INC CL A COMMON STOCK $ 2,309 GRIFFON CORP $ 1,771 GROUP 1 AUTOMOTIVE INC $ 3,231 GROUPON INC COMMON STOCK USD.0001 $ 6,380 GRUBHUB INC COMMON STOCK USD.0001 $ 23,190

32 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) GSI TECHNOLOGY INC $ 620 GSV CAPITAL CORP COMMON STOCK USD.01 $ 13 GTT COMMUNICATIONS INC $ 4,253 GUARANTY BANCORP $ 1,673 GUESS? INC $ 3,144 GUIDEWIRE SOFTWARE INC $ 11,198 GULF ISLAND FABRICATION INC $ 513 GULFPORT ENERGY CORP $ 2,986 H&R BLOCK INC $ 11,534 H+E EQUIPMENT SERVICES INC COMMON STOCK USD.01 $ 4,655 H+R BLOCK INC COMMON STOCK $ 16,022 HABIT RESTAURANTS INC $ 156 HACKETT GROUP INC/THE COMMON STOCK USD.001 $ 11,645 HAEMONETICS CORP/MASS COMMON STOCK USD.01 $ 68,567 HAIN CELESTIAL GROUP INC COMMON STOCK USD.01 $ 13,054 HALLADOR ENERGY CO $ 500 HALLIBURTON CO COMMON STOCK USD2.5 $ 11,467 HALLMARK FINANCIAL SERVICES $ 538 HALOZYME THERAPEUTICS INC COMMON STOCK USD.001 $ - HALYARD HEALTH INC COMMON STOCK USD.01 $ 10,761 HAMILTON BEACH BRAND-CL A $ 274 HAMILTON BEACH BRAND-CL B $ 274 HANCOCK HOLDING CO COMMON STOCK USD3.33 $ 7,540 HANESBRANDS INC COMMON STOCK USD.01 $ 74,081 HANGER ORTHOPEDIC GROUP INC $ 1,194 HANMI FINANCIAL CORP. $ 1,959 HANOVER INSURANCE GROUP INC/ COMMON STOCK USD.01 $ 22,330 HARBORONE BANCORP INC $ 912 HARDINGE INC $ 385 HARLEY DAVIDSON INC COMMON STOCK USD.01 $ 51,433 HARMONIC INC $ 560 HARRIS CORP COMMON STOCK USD1.0 $ 15,027 HARSCO CORP COMMON STOCK USD1.25 $ 34,588 HARTE-HANKS INC $ 113 HARTFORD FINANCIAL SVCS GRP COMMON STOCK USD.01 $ 353,101 HARVARD BIOSCIENCE INC $ 139 HASBRO INC COMMON STOCK USD.5 $ 12,459 HAVERTY FURNITURE COMMON STOCK USD1.0 $ 320 HAWAIIAN ELECTRIC INDS COMMON STOCK $ - HAWAIIAN HOLDINGS INC COMMON STOCK USD.01 $ 13,776 HAWAIIAN TELCOM HOLDCO INC $ 572 HAWKINS INC $ 709 HAYNES INTERNATIONAL INC $ 1,018 HB FULLER CO $ 5,113 HCA HEALTHCARE INC COMMON STOCK USD.01 $ 10,094 HCI GROUP INC $ 731 HCP INC REIT USD1.0 $ 13 HD SUPPLY HOLDINGS INC COMMON STOCK USD.01 $ 13 HEALTHCARE REALTY TRUST INC $ 8,213

33 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) HEALTHCARE SERVICES GROUP INC $ 7,370 HEALTHCARE TRUST OF AMERICA INC CLASS A $ 12,612 HEALTHEQUITY INC $ 5,155 HEALTHSOUTH CORP COMMON STOCK USD.01 $ 51 HEALTHSTREAM INC $ 1,362 HEARTLAND EXPRESS INC $ 4,017 HEARTLAND FINANCIAL USA INC $ 3,193 HECLA MINING CO COMMON STOCK USD.25 $ 2,660 HEICO CORP $ 8,672 HEICO CORP COMMON STOCK USD.01 $ 3,225 HEIDRICK + STRUGGLES INTL COMMON STOCK USD.01 $ 5,253 HELEN OF TROY LTD COMMON STOCK USD.1 $ 1,232 HELIX ENERGY SOLUTIONS GROUP COMMON STOCK $ 33,271 HELMERICH + PAYNE COMMON STOCK USD.1 $ 30,053 HEMISPHERE MEDIA GROUP INC $ 653 HENNESSY ADVISORS INC $ 474 HENRY SCHEIN INC COMMON STOCK USD.01 $ 279,439 HERBALIFE LTD COMMON STOCK USD.002 $ 5,683 HERC HOLDINGS INC COMMON STOCK USD.01 $ 6,235 HERCULES CAPITAL INC COMMON STOCK USD.001 $ 20,390 HERITAGE COMMERCE CORP COMMON STOCK $ 26 HERITAGE CRYSTAL CLEAN INC COMMON STOCK USD.01 $ - HERITAGE FINANCIAL CORP COMMON STOCK $ 256 HERITAGE INSURANCE HOLDINGS,INC $ 1,129 HERMAN MILLER INC COMMON STOCK USD.2 $ 4,399 HERSHA HOSPITALITY TRUST REIT USD.01 $ 13 HERSHEY CO/THE $ 8,866 HERSHEY CO/THE COMMON STOCK USD1.0 $ 1,684 HERTZ GLOBAL HOLDINGS INC COMMON STOCK USD.01 $ 5,280 HESKA CORP $ 1,265 HESS CORP COMMON STOCK USD1.0 $ 35,463 HEWLETT PACKARD ENTERPRISE COMMON STOCK USD.01 $ 9,640 HEXCEL CORP COMMON STOCK USD.01 $ 5,379 HFF INC CLASS A COMMON STOCK USD.01 $ 1,949 HIBBETT SPORTS INC $ 1,002 HIGHWOODS PROPERTIES INC $ 10,756 HILL INTERNATIONAL INC $ 642 HILL ROM HOLDINGS INC COMMON STOCK $ 3,947 HILLENBRAND INC COMMON STOCK $ 5,163 HILLTOP HOLDINGS INC COMMON STOCK USD.01 $ 13 HILTON GRAND VACATIONS INC COMMON STOCK USD.01 $ 23,068 HILTON WORLDWIDE HOLDINGS IN COMMON STOCK USD.01 $ 99,973 HINGHAM INSTITUTION FOR SAVINGS $ 1,391 HMS HOLDINGS CORP COMMON STOCK USD.01 $ 853 HNI CORP COMMON STOCK USD1.0 $ 65,057 HOLLYFRONTIER CORP COMMON STOCK USD.01 $ 17,163 HOLLYSYS AUTOMATION TECHNOLO COMMON STOCK USD.0001 $ 167 HOLOGIC INC COMMON STOCK USD.01 $ 26 HOME BANCORP INC $ 439

34 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) HOME BANCSHARES INC COMMON STOCK USD.01 $ 7,205 HOME DEPOT INC COMMON STOCK USD.05 $ 8,346 HOMESTREET INC $ 1,398 HOMETRUST BANCSHARES INC $ 1,192 HONEYWELL INTERNATIONAL INC COMMON STOCK USD1.0 $ 64 HOOKER FURNITURE CORP $ 680 HOPE BANCORP INC COMMON STOCK USD.001 $ 10,321 HORACE MANN EDUCATORS CORP $ 3,102 HORIZON BANCORP INDIANA $ 1,333 HORIZON GLOBAL CORP COMMON STOCK USD.01 $ 3,634 HORIZON PHARMA PLC COMMON STOCK USD.0001 $ 281 HORIZON TECHNOLOGY FINANCE C COMMON STOCK USD.001 $ 5,007 HORMEL FOODS CORP COMMON STOCK USD.01465 $ 7,134 HORNBECK OFFSHORE SERVICES INC $ 195 HORTONWORKS INC COMMON STOCK USD.0001 $ - HOSPITALITY PROPERTIES TRUST $ 9,874 HOST HOTELS + RESORTS INC REIT USD.01 $ 834 HOSTESS BRANDS INC $ 2,957 HOUGHTON MIFFLIN HARCOURT CO COMMON STOCK USD.01 $ - HOULIHAN LOKEY INC COMMON STOCK USD.001 $ 1,906 HOUSTON WIRE & CABLE CO $ 346 HOVNANIAN ENTERPRISES A COMMON STOCK USD.01 $ 64 HOWARD BANCORP INC $ 379 HOWARD HUGHES CORP/THE $ 11,806 HP INC COMMON STOCK USD.01 $ 17,190 HRG GROUP INC COMMON STOCK USD.01 $ - HSN INC COMMON STOCK USD.01 $ 572 HUB GROUP INC CL A COMMON STOCK USD.01 $ 1,942 HUBBELL INC COMMON STOCK USD.01 $ 10,876 HUBSPOT INC COMMON STOCK USD.001 $ - HUDBAY MINERALS INC COMMON STOCK NPV $ 1,492 HUDSON PACIFIC PROPERTIES IN REIT USD.01 $ 3,162 HUDSON TECHNOLOGIES INC $ 413 HUMANA INC $ 594 HUMANA INC COMMON STOCK USD.166 $ 535 HUNT (JB) TRANSPRT SVCS INC COMMON STOCK USD.01 $ 336,379 HUNTINGTON BANCSHARES INC COMMON STOCK USD.01 $ 28,119 HUNTSMAN CORP COMMON STOCK USD.01 $ 34,014 HURCO COS INC $ 589 HURON CONSULTING GROUP INC COMMON STOCK USD.01 $ 13,223 HYATT HOTELS CORP CL A COMMON STOCK USD.01 $ - HYSTER YALE MATERIALS COMMON STOCK USD.01 $ 6,935 IAC/INTERACTIVECORP COMMON STOCK USD.001 $ 1,475 IAMGOLD CORP COMMON STOCK $ 1,993 IBERIABANK CORP $ 9,175 ICF INTERNATIONAL INC COMMON STOCK USD.001 $ - ICON PLC COMMON STOCK EUR.06 $ 5,019 ICONIX BRAND GROUP INC COMMON STOCK USD.001 $ 9,196 ICU MEDICAL INC $ 8,922

35 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) IDACORP INC $ 9,364 IDERA PHARMACEUTICALS INC COMMON STOCK USD.001 $ 11,489 IDEXX LABORATORIES INC COMMON STOCK USD.1 $ 384 IDT CORP CLASS B COMMON STOCK USD.01 $ 12,057 IES HOLDINGS INC $ 694 IHS MARKIT LTD COMMON STOCK USD.01 $ 49,643 II VI INC COMMON STOCK $ 218 ILG INC $ 7,328 ILLINOIS TOOL WORKS COMMON STOCK USD.01 $ 10,189 ILLUMINA INC COMMON STOCK USD.01 $ 13,750 IMAX CORP $ 2,923 IMMERSION CORPORATION COMMON STOCK USD.001 $ 1,130 IMMUNOGEN INC COMMON STOCK USD.01 $ 1,872 IMPAX LABORATORIES INC COMMON STOCK USD.01 $ 6,531 IMPERVA INC COMMON STOCK USD.0001 $ - INC RESEARCH HOLDINGS INC A COMMON STOCK USD.01 $ 4,807 INCYTE CORP COMMON STOCK USD.001 $ 17,036 INDEPENDENCE CONTRACT DRILLI COMMON STOCK USD.01 $ 177,951 INDEPENDENCE HOLDING CO $ 1,608 INDEPENDENCE REALTY TRUST $ 1,695 INDEPENDENT BANK CORP $ 3,979 INDEPENDENT BANK CORP MICH COMMON STOCK USD1.0 $ 78,360 INDEPENDENT BANK GROUP INC $ 4,066 INFINERA CORP COMMON STOCK USD.001 $ 5,419 INFINITY PROPERTY & CASUALTY CORP $ 568 INFRAREIT INC REIT USD.01 $ 8,292 INGERSOLL RAND PLC COMMON STOCK USD1.0 $ 52,800 INGEVITY CORP COMMON STOCK USD.01 $ - INGLES MARKETS INC CLASS A COMMON STOCK USD.05 $ 8,334 INGREDION INC COMMON STOCK USD.01 $ 3,408 INNERWORKINGS INC COMMON STOCK USD.0001 $ 1,050 INNOPHOS HOLDINGS INC COMMON STOCK USD.001 $ - INNOSPEC INC $ 3,432 INNOVIVA INC $ 3,363 INOGEN INC $ 4,829 INOVALON HOLDINGS INC A COMMON STOCK USD.000005 $ - INPHI CORP COMMON STOCK $ 951 INSIGHT ENTERPRISES INC COMMON STOCK USD.01 $ 202,975 INSPERITY INC $ 4,560 INSTALLED BUILDING PRODUCTS $ 4,460 INSTEEL INDUSTRIES INC $ 821 INSULET CORP COMMON STOCK USD.001 $ 7,418 INSYS THERAPEUTICS INC $ 978 INTEGER HOLDINGS CORP $ 2,969 INTEGRA LIFESCIENCES HOLDING COMMON STOCK USD.01 $ 5,719 INTEGRATED DEVICE TECH INC COMMON STOCK USD.001 $ 6,205 INTEL CORP COMMON STOCK USD.001 $ 17,836 INTELSAT SA $ 359 INTER PARFUMS INC $ 2,739

36 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) INTERACTIVE BROKERS GROUP INC $ 8,170 INTERCONTINENTAL EXCHANGE IN COMMON STOCK USD.01 $ 79,910 INTERDIGITAL INC COMMON STOCK USD.01 $ 74,808 INTERFACE INC COMMON STOCK USD.1 $ 27,165 INTERNAP CORP COMMON STOCK USD.001 $ 10,576 INTERNATIONAL BANCSHARES CORP $ 5,437 INTERNATIONAL GAME TECHNOLOG COMMON STOCK USD.1 $ 4,449 INTERNATIONAL PAPER CO COMMON STOCK USD1.0 $ 1,295 INTERNATIONAL SEAWAYS INC $ 959 INTERPUBLIC GROUP OF COS INC COMMON STOCK USD.1 $ 17,906 INTERSECT ENT INC COMMON STOCK USD.001 $ 12,777 INTERXION HOLDING NV COMMON STOCK EUR.1 $ 771 INTEVAC INC $ 164 INTL BUSINESS MACHINES CORP COMMON STOCK USD.2 $ 7,000 INTL FCSTONE INC $ 1,510 INTL FLAVORS + FRAGRANCES COMMON STOCK USD.125 $ 13 INTRA-CELLULAR THERAPIES INC $ 1,345 INTREPID POTASH INC $ 894 INTUIT INC COMMON STOCK USD.01 $ 7,167 INTUITIVE SURGICAL INC $ 26 INTUITIVE SURGICAL INC COMMON STOCK USD.001 $ 1,656 INVACARE CORP $ 952 INVESCO LTD COMMON STOCK USD.2 $ 24,446 INVESCO MORTGAGE CAPITAL REIT USD.01 $ 692 INVESTAR HOLDING CORP $ 241 INVESTMENT TECHNOLOGY GROUP INC $ 1,369 INVESTORS BANCORP INC COMMON STOCK USD.01 $ 13 INVESTORS REAL ESTATE TRUST REIT $ 141 INVESTORS TITLE CO $ 1,221 INVITATION HOMES INC $ 9,724 ION GEOPHYSICAL CORP $ 308 IONIS PHARMACEUTICALS INC $ 12,266 IPG PHOTONICS CORP $ 7,571 IQVIA HOLDINGS INC COMMON STOCK USD.01 $ 8,219 IRIDIUM COMMUNICATIONS INC $ 1,324 IROBOT CORP $ 3,544 IRON MOUNTAIN INC REIT USD.01 $ 75,075 ISRAEL CHEMICALS LTD COMMON STOCK ILS1.0 $ 306 ISTAR INC REIT USD.001 $ 13 ITRON INC $ 6,545 ITT INC COMMON STOCK USD1.0 $ - IXYS CORP $ 2,093 J ALEXANDERS HOLDINGS INC $ 274 J&J SNACK FOODS CORP $ 5,678 J. JILL INC COMMON STOCK USD.01 $ 2,136 J2 GLOBAL INC $ 6,286 JABIL INC COMMON STOCK USD.001 $ 13 JACK IN THE BOX INC COMMON STOCK USD.01 $ 5,979 JACOBS ENGINEERING GROUP INC COMMON STOCK USD1.0 $ 2,949

37 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) JAMBA INC $ 273 JAMES RIVER GROUP HOLDINGS LTD $ 2,648 JANUS HENDERSON GROUP PLC COMMON STOCK $ 147,332 JAZZ PHARMACEUTICALS PLC COMMON STOCK USD.0001 $ 16,386 JBG SMITH PROPERTIES REIT USD.01 $ 46,224 JC PENNEY CO INC $ 1,778 JELD WEN HOLDING INC COMMON STOCK USD.01 $ 16,962 JETBLUE AIRWAYS CORP COMMON STOCK USD.01 $ 7,608 JM SMUCKER CO/THE COMMON STOCK $ 2,390 JOHN B. SANFILIPPO + SON INC COMMON STOCK USD.01 $ 3,593 JOHN BEAN TECHNOLOGIES CORP $ 6,501 JOHNSON & JOHNSON $ 3,291 JOHNSON + JOHNSON COMMON STOCK USD1.0 $ 1,781 JOHNSON CONTROLS INTERNATION COMMON STOCK USD.01 $ 17,891 JOHNSON OUTDOORS INC $ 1,124 JONES LANG LASALLE INC COMMON STOCK USD.01 $ 13 JPMORGAN CHASE + CO COMMON STOCK USD1.0 $ 18,832 JUNIPER NETWORKS INC COMMON STOCK USD.00001 $ 11,511 JUNO THERAPEUTICS INC COMMON STOCK USD.0001 $ 6,508 JUST ENERGY GROUP INC COMMON STOCK $ 17,372 K12 INC COMMON STOCK USD.0001 $ 2,066 KADANT INC $ 1,074 KAISER ALUMINUM CORP $ 4,181 KANSAS CITY SOUTHERN COMMON STOCK USD.01 $ 116,624 KAPSTONE PAPER AND PACKAGING CORP $ 4,603 KAR AUCTION SERVICES INC COMMON STOCK USD.01 $ 15,130 KARYOPHARM THERAPEUTICS INC $ 956 KB HOME COMMON STOCK USD1.0 $ 26 KBR INC COMMON STOCK USD.001 $ 11,303 KCAP FINANCIAL INC COMMON STOCK USD.01 $ 29,595 KEARNY FINANCIAL CORP/MD COMMON STOCK USD.01 $ 175 KELLOGG CO COMMON STOCK USD.25 $ 2,877 KELLY SERVICES INC A COMMON STOCK USD1.0 $ 1,001 KEMET CORP COMMON STOCK USD.01 $ 64 KEMPER CORP $ 7,077 KENNAMETAL INC COMMON STOCK USD1.25 $ - KENNEDY-WILSON HOLDINGS INC $ 5,089 KEY TRONIC CORP $ 280 KEYCORP COMMON STOCK USD1.0 $ 48,446 KEYSIGHT TECHNOLOGIES INC $ 931 KEYW HOLDING CORP $ 254 KFORCE INC $ 1,437 KIMBALL ELECTRONICS INC COMMON STOCK $ 2,630 KIMBALL INTERNATIONAL B COMMON STOCK USD.05 $ 30,350 KIMBERLY CLARK CORP COMMON STOCK USD1.25 $ 9,701 KIMBERLY-CLARK CORP $ 1,642 KIMCO REALTY CORP REIT USD.01 $ 15,843 KINDER MORGAN INC COMMON STOCK USD.01 $ 13,198 KINDRED BIOSCIENCES INC $ 612

38 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) KINDRED HEALTHCARE INC $ 2,190 KINGSTONE COMPANIES INC $ 244 KINROSS GOLD CORP COMMON STOCK $ 3,324 KINSALE CAPITAL GROUP INC COMMON STOCK USD.01 $ 68,907 KIRBY CORP $ 8,184 KIRKLAND LAKE GOLD LTD COMMON STOCK $ 37,850 KIRKLAND S INC COMMON STOCK $ 12,023 KITE REALTY GROUP TRUST REIT USD.01 $ 9,634 KLA TENCOR CORP COMMON STOCK USD.001 $ 128 KLX INC COMMON STOCK USD.01 $ 1,887 KMG CHEMICALS INC $ 2,150 KNIGHT-SWIFT TRANSPORTATION $ 11,892 KNOLL INC COMMON STOCK USD.01 $ 514 KNOWLES CORP COMMON STOCK USD.01 $ 13 KOHLS CORP COMMON STOCK USD.01 $ 21,108 KONA GRILL INC. $ 45 KOPIN CORP $ 510 KOPPERS HOLDINGS INC COMMON STOCK USD.01 $ 7,786 KORN/FERRY INTERNATIONAL COMMON STOCK USD.01 $ 3,260 KOSMOS ENERGY LTD $ 5,386 KRAFT HEINZ CO/THE COMMON STOCK USD.01 $ 1,740 KRATON CORP COMMON STOCK USD.01 $ 5,641 KRATOS DEFENSE + SECURITY COMMON STOCK USD.001 $ 2,054 KROGER CO COMMON STOCK USD1.0 $ 26 KRONOS WORLDWIDE INC $ 5,605 KULICKE + SOFFA INDUSTRIES COMMON STOCK $ 13 KVH INDUSTRIES INC $ 748 L BRANDS INC COMMON STOCK USD.5 $ 127 L3 TECHNOLOGIES INC COMMON STOCK USD.01 $ 4,326 LA QUINTA HOLDINGS INC COMMON STOCK USD.01 $ - LA Z BOY INC COMMON STOCK USD1.0 $ 269 LABORATORY CRP OF AMER HLDGS COMMON STOCK USD.1 $ 2,694 LADDER CAPITAL CORP REIT REIT USD.001 $ - LADENBURG THALMANN FINANCIAL SERVICES INC $ 1,202 LAKELAND BANCORP INC COMMON STOCK $ 11,135 LAKELAND FINANCIAL CORP $ 2,481 LAKELAND INDUSTRIES INC $ 109 LAM RESEARCH CORP COMMON STOCK USD.001 $ 11,314 LAMB WESTON HOLDINGS INC COMMON STOCK USD1.0 $ 38 LANCASTER COLONY CORP $ 6,769 LANDEC CORP $ 821 LANDS' END INC $ 657 INC COMMON STOCK USD.01 $ 5,259 LANNETT CO INC $ 1,669 LANTHEUS HOLDINGS INC COMMON STOCK USD.01 $ 2,410 LAREDO PETROLEUM INC COMMON STOCK USD.01 $ 936 LAS VEGAS SANDS CORP COMMON STOCK USD.001 $ 1,122 LASALLE HOTEL PROPERTIES $ 6,679 LATTICE SEMICONDUCTOR CORP COMMON STOCK USD.01 $ -

39 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) LAWSON PRODUCTS INC/DE $ 619 LAYNE CHRISTENSEN COMPANY COMMON STOCK USD.01 $ 4,221 LAZARD LTD CL A COMMON STOCK USD.01 $ 4,803 LB FOSTER CO $ 578 LCI INDUSTRIES $ 6,266 LCNB CORPORATION $ 486 LEAF GROUP LTD $ 319 LEE ENTERPRISES INC/IA $ 58 LEGACY TEXAS FINANCIAL GROUP $ 4,123 LEGG MASON INC COMMON STOCK USD.1 $ 2,225 LEGGETT + PLATT INC COMMON STOCK USD.01 $ 16,346 LEIDOS HOLDINGS INC COMMON STOCK USD.0001 $ 787 LEMAITRE VASCULAR INC COMMON STOCK USD.01 $ 4,945 LENDINGCLUB CORP $ 3,075 LENDINGTREE INC COMMON STOCK USD.01 $ 6,909 LENNAR CORP A COMMON STOCK USD.1 $ 12,472 LENNOX INTERNATIONAL INC COMMON STOCK USD.01 $ 2,125 LEUCADIA NATIONAL CORP COMMON STOCK USD1.0 $ 66,279 LEXICON PHARMACEUTICALS INC COMMON STOCK USD.001 $ 5,174 LEXINGTON REALTY TRUST REIT USD.0001 $ 1,921 LHC GROUP INC COMMON STOCK USD.01 $ 1,144 LIBBEY INC $ 416 LIBERTY EXPEDIA HOLDINGS - A $ 3,490 LIBERTY GLOBAL PLC A TRACKING STK USD.01 $ 828 LIBERTY INTERACTIVE CORP Q A TRACKING STK USD.01 $ 16,066 LIBERTY MEDIA COR SIRIUSXM C TRACKING STK USD.01 $ 28,814 LIBERTY MEDIA CORP LIBERTY A TRACKING STK USD.01 $ 10,776 LIBERTY PROPERTY TRUST REIT USD.001 $ 650 LIBERTY TAX INC $ 579 LIBERTY TRIPADVISOR HOLDINGS INC - A $ 1,308 LIBERTY VENTURES - SER A $ 9,042 LIFE STORAGE INC $ 8,450 LIFEPOINT HEALTH INC COMMON STOCK USD.01 $ 8,679 LIFETIME BRANDS INC $ 647 LIFEWAY FOODS INC $ 118 LIGAND PHARMACEUTICALS INC $ 5,162 LIMELIGHT NETWORKS INC COMMON STOCK USD.001 $ 256 LIMONEIRA CO $ 600 LINCOLN ELECTRIC HOLDINGS COMMON STOCK $ 6,566 LINCOLN NATIONAL CORP COMMON STOCK $ 54,918 LINDBLAD EXPEDITIONS HOLDINGS, INC. $ 617 LINDSAY CORP $ 1,614 LIONS GATE ENTERTAINMENT - B $ 7,769 LIONS GATE ENTERTAINMENT A COMMON STOCK NPV $ 27,916 LIPOCINE INC $ 149 LIQUIDITY SERVICES INC COMMON STOCK USD.001 $ 6,761 LITHIA MOTORS INC $ 5,168 LITTELFUSE INC $ 8,924 LIVANOVA PLC $ 8,146

40 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) LIVE NATION ENTERTAINMENT IN COMMON STOCK USD.01 $ 757 LIVE OAK BANCSHARES INC $ 239 LIVEPERSON INC COMMON STOCK USD.001 $ 16,702 LKQ CORP COMMON STOCK USD.01 $ 4,471 LOCKHEED MARTIN CORP COMMON STOCK USD1.0 $ 13 LOEWS CORP COMMON STOCK USD.01 $ 12,122 LOGITECH INTERNATIONAL REG COMMON STOCK CHF.25 $ 13 LOGMEIN INC COMMON STOCK USD.01 $ 11,110 LOUISIANA PACIFIC CORP COMMON STOCK USD1.0 $ 507 LOWE S COS INC COMMON STOCK USD.5 $ 80,069 LPL FINANCIAL HOLDINGS INC COMMON STOCK $ 1,174 LSB INDUSTRIES INC $ 402 LSC COMMUNICATIONS INC $ 854 LSI INDUSTRIES INC COMMON STOCK $ - LTC PROPERTIES INC REIT USD.01 $ 1,113 LUBY'S INC $ 96 INC COMMON STOCK USD.005 $ 9,164 LUMBER LIQUIDATORS HOLDINGS INC $ 1,072 LUMENTUM HOLDINGS INC COMMON STOCK USD.001 $ 7,569 LUMINEX CORP $ 2,042 LUXOFT HOLDING INC COMMON STOCK $ 13,480 LYDALL INC COMMON STOCK USD.1 $ 141,667 LYONDELLBASELL INDU CL A COMMON STOCK EUR.04 $ 9,481 M + T BANK CORP COMMON STOCK USD.5 $ 1,153 M/I HOMES INC $ 1,880 MACATAWA BANK CORP $ 1,167 MACERICH CO/THE REIT USD.01 $ 64 MACK-CALI REALTY CORP $ 3,454 MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC $ 3,304 MACQUARIE INFRASTRUCTURE CO TRUST $ 7,373 MACROGENICS INC $ 777 MACY S INC COMMON STOCK USD.01 $ 7,520 MADISON SQUARE GARDEN CO A COMMON STOCK USD.01 $ 3,869 MAGELLAN HEALTH INC COMMON STOCK USD.01 $ - MAGNA INTERNATIONAL INC COMMON STOCK $ 4,088 MAGNACHIP SEMICONDUCT COMMON STOCK USD.01 $ 12,477 MAIDEN HOLDINGS LTD COMMON STOCK USD.01 $ 2,174 MAIN STREET CAPITAL CORP COMMON STOCK USD.01 $ 38 MAINSOURCE FINANCIAL GROUP INC $ 1,721 MALIBU BOATS INC A COMMON STOCK USD.01 $ 6,812 MALLINCKRODT PLC COMMON STOCK USD.2 $ 4,279 MANCHESTER UNITED PLC CL A COMMON STOCK USD.0005 $ 961 MANHATTAN ASSOCIATES INC $ 6,391 MANITOWOC COMPANY INC $ 2,948 MANTECH INTERNATIONAL CORP A COMMON STOCK USD.01 $ - MANULIFE FINANCIAL CORP COMMON STOCK $ 9,290 MARATHON OIL CORP COMMON STOCK USD1.0 $ 309 MARATHON PETROLEUM CORP COMMON STOCK $ 98,011 MARCHEX INC $ 181

41 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) MARCUS AND MILLICHAP INC $ 2,755 MARCUS CORPORATION COMMON STOCK USD1.0 $ - MARINE PRODUCTS CORP $ 877 MARINEMAX INC COMMON STOCK USD.001 $ - MARLIN BUSINESS SERVICES CORP $ 677 MARRIOTT INTERNATIONAL CL A COMMON STOCK USD.01 $ 6,884 MARRIOTT VACATIONS WORLDWIDE CORP. $ 8,267 MARSH + MCLENNAN COS COMMON STOCK USD1.0 $ 300,032 MARTEN TRANSPORT LTD COMMON STOCK USD.01 $ - MARTIN MARIETTA MATERIALS COMMON STOCK USD.01 $ - MARVELL TECHNOLOGY GROUP LTD COMMON STOCK USD.002 $ 17,823 MASCO CORP COMMON STOCK USD1.0 $ 13,310 MASIMO CORP COMMON STOCK USD.001 $ 4,573 MASONITE INTERNATIONAL CORP COMMON STOCK $ 4,394 MASTEC INC COMMON STOCK USD.1 $ 6,855 MASTERCARD INC A COMMON STOCK USD.0001 $ - MATADOR RESOURCES CO $ 6,485 MATCH GROUP INC COMMON STOCK USD.001 $ 5,575 MATERION CORP COMMON STOCK $ 1,978 MATRIX SERVICE CO COMMON STOCK USD.01 $ 42,355 MATSON INC $ 2,684 MATTEL INC COMMON STOCK USD1.0 $ 50,904 MATTHEWS INTERNATIONAL CORP $ 3,277 MAUI LAND & PINEAPPLE CO INC $ 579 MAXIM INTEGRATED PRODUCTS COMMON STOCK USD.001 $ 19,954 MAXIMUS INC COMMON STOCK $ 2,165 MAXLINEAR INC $ 2,664 MAXWELL TECHNOLOGIES INC $ 147 MB FINANCIAL INC $ 7,887 MBIA INC $ 2,501 MBT FINANCIAL CORP $ 510 MCBC HOLDINGS INC COMMON STOCK USD.01 $ 13 MCCLATCHY CO - CLASS A $ 103 MCCORMICK + CO NON VTG SHRS COMMON STOCK $ - MCDERMOTT INTL INC COMMON STOCK USD1.0 $ 5,078 MCDONALD S CORP COMMON STOCK USD.01 $ 12,948 MCDONALD'S CORP $ 1,203 MCEWEN MINING INC $ 204 MCEWEN MINING INC. $ 840 MCGRATH RENTCORP COMMON STOCK $ 2,786 MCKESSON CORP COMMON STOCK USD.01 $ 292,908 MDC HOLDINGS INC $ 3,098 MDC PARTNERS INC A COMMON STOCK $ 137,019 MDU RESOURCES GROUP INC $ 10,871 MEDALLION FINANCIAL CORP COMMON STOCK USD.01 $ 164,620 MEDEQUITIES REALTY TRUST INC REIT USD.01 $ 5,870 MEDIA GENERAL INC CVR $ 28 MEDICAL PROPERTIES TRUST INC $ 10,100 MEDIDATA SOLUTIONS INC $ 6,640

42 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) MEDIFAST INC COMMON STOCK USD.001 $ 1,615 MEDLEY CAPITAL CORP COMMON STOCK USD.001 $ 686 MEDNAX INC $ 9,032 MEDPACE HOLDINGS INC COMMON STOCK USD.01 $ 11,569 MEDTRONIC PLC COMMON STOCK USD.1 $ 16,908 MEET GROUP INC/THE COMMON STOCK USD.001 $ 1,904 MELINTA THERAPEUTICS INC $ 420 LTD COMMON STOCK ILS.0175 $ 140,081 MERCADOLIBRE INC COMMON STOCK USD.001 $ 1,166 MERCANTILE BANK CORP $ 1,372 MERCER INTERNATIONAL INC COMMON STOCK USD1.0 $ 197,711 MERCK & CO INC $ 13 MERCK + CO. INC. COMMON STOCK USD.5 $ 13 MERCURY COMPUTER SYSTEMS INC $ 4,572 MERCURY GENERAL CORP COMMON STOCK $ - MEREDITH CORP $ 5,273 MERIDIAN BANCORP INC COMMON STOCK $ 4,518 MERIDIAN BIOSCIENCE INC COMMON STOCK $ 1,611 MERIT MEDICAL SYSTEMS INC $ 4,646 MERITAGE HOMES CORP $ 3,514 MERITOR INC $ 4,675 MESA LABORATORIES INC $ 1,093 META FINANCIAL GROUP INC $ 1,639 METHANEX CORP COMMON STOCK $ 7,406 METHODE ELECTRONICS INC $ 2,797 METLIFE INC COMMON STOCK USD.01 $ 3,409 METTLER TOLEDO INTERNATIONAL COMMON STOCK USD.01 $ 33,762 MFA FINANCIAL INC REIT USD.01 $ 4,648 MGE ENERGY INC $ 4,354 MGIC INVESTMENT CORP COMMON STOCK USD1.0 $ 5,795 MGM GROWTH PROPERTIES LLC A REIT $ 4,392 MGM RESORTS INTERNATIONAL COMMON STOCK USD.01 $ 1,945 MGP INGREDIENTS INC $ 2,413 MICHAEL KORS HOLDINGS LTD COMMON STOCK $ 28,929 MICHAELS COS INC/THE COMMON STOCK USD.06775 $ 27,801 MICROCHIP TECHNOLOGY INC COMMON STOCK USD.001 $ 487,820 MICRON TECHNOLOGY INC COMMON STOCK USD.1 $ 12,275 MICROSEMI CORP $ 11,826 MICROSOFT CORP COMMON STOCK USD.00000625 $ 17,039 MICROSTRATEGY INC CL A COMMON STOCK USD.001 $ 3,349 MID AMERICA APARTMENT COMM REIT USD.01 $ 156,702 MIDDLESEX WATER CO $ 1,333 MIDLAND STATES BANCORP INC $ 1,113 MIDSOUTH BANCORP INC $ 401 MIDWESTONE FINANCIAL GROUP INC $ 858 MILACRON HOLDINGS CORP COMMON STOCK USD.01 $ 1,461 MILLER INDUSTRIES INC/TN $ 587 MIMECAST LTD COMMON STOCK USD.01 $ 38 MINDBODY INC CLASS A COMMON STOCK USD.000004 $ 14,799

43 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) MINERALS TECHNOLOGIES INC $ 4,779 MIRAGEN THERAPEUTICS INC $ 270 MIRATI THERAPEUTICS INC $ 1,826 MISTRAS GROUP INC COMMON STOCK USD.01 $ 77 MITCHAM INDUSTRIES INC $ 41 MKS INSTRUMENTS INC $ 10,582 MMA CAPITAL MANAGEMENT LLC $ 262 MOBILE MINI INC $ 2,810 MODEL N INC COMMON STOCK USD.00015 $ 1,071 MODINE CO COMMON STOCK USD.625 $ 397 MODUSLINK GLOBAL SOLUTIONS INC $ 285 MOELIS + CO CLASS A COMMON STOCK USD.01 $ 333 MOHAWK INDUSTRIES INC COMMON STOCK USD.01 $ 44,976 MOLINA HEALTHCARE INC COMMON STOCK USD.001 $ 1,555 MOLSON COORS BREWING CO B COMMON STOCK USD.01 $ 12,675 MOMENTA PHARMACEUTICALS INC $ 685 MONARCH CASINO + RESORT INC COMMON STOCK USD.01 $ 1,434 MONDELEZ INTERNATIONAL INC A COMMON STOCK $ 13,025 MONEYGRAM INTERNATIONAL INC COMMON STOCK USD.01 $ 13,059 MONMOUTH REAL ESTATE INV COR REIT USD.01 $ 2,626 MONOLITHIC POWER SYSTEMS INC $ 9,300 MONOTYPE IMAGING HOLDINGS IN COMMON STOCK USD.001 $ 2,206 MONRO INC $ 3,682 MONROE CAPITAL CORP COMMON STOCK USD.001 $ 100,436 MONSANTO CO COMMON STOCK USD.01 $ 58,817 MONSTER BEVERAGE CORP COMMON STOCK $ 73,159 MOODY S CORP COMMON STOCK USD.01 $ 1,461 MOOG INC $ 5,758 MORGAN STANLEY COMMON STOCK USD.01 $ 16,918 MORNINGSTAR INC COMMON STOCK $ 3,078 MOSAIC CO/THE COMMON STOCK USD.01 $ 17,544 MOSYS INC COMMON STOCK USD.001 $ 13 MOTORCAR PARTS OF AMERICA INC $ 965 MOTOROLA SOLUTIONS INC COMMON STOCK USD.01 $ 15,651 MOVADO GROUP INC $ 909 MRC GLOBAL INC COMMON STOCK USD.01 $ 14,497 MSA SAFETY INC $ 5,711 MSC INDUSTRIAL DIRECT CO $ 8,426 MSCI INC COMMON STOCK USD.01 $ 17,834 MSG NETWORKS INC A COMMON STOCK USD.01 $ 6,505 MTGE INVESTMENT CORP REIT USD.01 $ 333 MTS SYSTEMS CORP COMMON STOCK USD.25 $ 12,939 MUELLER INDUSTRIES INC $ 4,306 MUELLER WATER PRODUCTS INC A COMMON STOCK USD.01 $ 1,207 MULESOFT INC A COMMON STOCK $ - MULTI-COLOR CORP $ 2,597 MURPHY OIL CORP COMMON STOCK USD1.0 $ 43 MURPHY USA INC $ 5,189 MUTUALFIRST FINANCIAL INC $ 431

44 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) MYERS INDUSTRIES INC $ 1,229 MYLAN NV COMMON STOCK EUR.01 $ 1,422 MYR GROUP INC/DELAWARE COMMON STOCK USD.01 $ 38 MYRIAD GENETICS INC COMMON STOCK USD.01 $ - NABORS INDUSTRIES LTD COMMON STOCK USD.001 $ 12,749 NACCO INDUSTRIES CL A COMMON STOCK USD1.0 $ 2,190 NANOMETRICS INC COMMON STOCK $ 2,976 NANOSTRING TECHNOLOGIES INC COMMON STOCK USD.0001 $ 115 NAPCO SECURITY TECHNOLOGIES INC $ 284 NASDAQ INC COMMON STOCK USD.01 $ 525 NATHAN'S FAMOUS INC $ 550 NATIONAL BANK HOLD CL A COMMON STOCK $ 8,069 NATIONAL BANKSHARES INC $ 884 NATIONAL BEVERAGE CORP COMMON STOCK USD.01 $ 2,694 NATIONAL CINEMEDIA INC COMMON STOCK USD.01 $ 55,794 NATIONAL COMMERCE CORP $ 1,010 NATIONAL FUEL GAS CO COMMON STOCK USD1.0 $ 9,776 NATIONAL GENERAL HLDGS COMMON STOCK USD.01 $ 3,489 NATIONAL HEALTHCARE CORP $ 1,835 NATIONAL INSTRUMENTS CORP COMMON STOCK USD.01 $ 1,756 NATIONAL OILWELL VARCO INC COMMON STOCK USD.01 $ 39,199 NATIONAL PRESTO INDUSTRIES INC $ 1,231 NATIONAL RESEARCH CORP CLASS A $ 1,833 NATIONAL RETAIL PROPERTIES INC $ 12,494 NATIONAL STORAGE AFFILIATES TRUST $ 2,486 NATIONAL WESTERN LIFE GROUP INC-A $ 2,460 NATIONSTAR MORTGAGE HOLDINGS $ 3,451 NATL HEALTH INVESTORS INC REIT USD.01 $ 26 NATURAL GAS SERVICES GROUP COMMON STOCK USD.01 $ 5,943 NATURAL GROCERS BY VITAMIN C COMMON STOCK USD.001 $ 9,633 NATURE'S SUNSHINE PRODUCTS INC $ 222 NATUS MEDICAL INC COMMON STOCK USD.001 $ - NAUTILUS INC $ 774 NAVIENT CORP COMMON STOCK USD.01 $ 7,704 NAVIGANT CONSULTING INC COMMON STOCK USD.001 $ 8,444 NAVIGATORS GROUP INC/THE $ 2,571 NAVISTAR INTERNATIONAL CORP $ 8,546 NBT BANCORP INC $ 3,176 NCI BUILDING SYSTEMS INC COMMON STOCK USD.01 $ 333 NCR CORPORATION COMMON STOCK USD.01 $ 19,378 NEENAH PAPER INC $ 3,298 NEKTAR THERAPEUTICS COMMON STOCK USD.0001 $ 2,800 NELNET INC $ 3,556 NEOGEN CORP $ 5,209 NEOGENOMICS INC $ 1,322 NEOPHOTONICS CORP $ 139 NET 1 UEPS TECHNOLOGIES INC COMMON STOCK USD.001 $ 61,649 NETAPP INC COMMON STOCK USD.001 $ 22,454 INC COMMON STOCK USD.001 $ 3,125

45 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) NETGEAR INC $ 3,431 NETSCOUT SYSTEMS INC $ 5,532 NEUROCRINE BIOSCIENCES INC COMMON STOCK USD.001 $ 17,397 NEVSUN RESOURCES LTD COMMON STOCK $ 1,635 NEW GOLD INC COMMON STOCK $ 185 RESOURCES CORP $ 7,090 NEW MEDIA INVESTMENT GROUP $ 1,738 NEW MOUNTAIN FINANCE CORP COMMON STOCK USD.01 $ 2,298 NEW RELIC INC COMMON STOCK USD.001 $ 231 NEW SENIOR INVESTMENT GROUP INC $ 1,261 NEW YORK & CO INC $ 257 NEW YORK COMMUNITY BANCORP COMMON STOCK USD.01 $ 5,606 NEW YORK MORTGAGE TRUST INC REIT USD.02 $ 2,086 NEW YORK TIMES CO/THE $ 6,213 NEWELL BRANDS INC COMMON STOCK USD1.0 $ 51 NEWFIELD EXPLORATION CO COMMON STOCK USD.01 $ 2,613 NEWMARKET CORP $ 8,431 NEWMONT MINING CORP COMMON STOCK USD1.6 $ 1,584 NEWPARK RESOURCES INC $ 1,440 NEWS CORP CLASS A COMMON STOCK USD.01 $ 1,563 NEWS CORP CLASS B COMMON STOCK $ 6,854 NEWSTAR FINANCIAL INC-RTS $ 56 NEWTEK BUSINESS SERVICES COR COMMON STOCK USD.02 $ 10,422 NEXEO SOLUTIONS INC COMMON STOCK $ 794 NEXPOINT RESIDENTIAL REIT USD.01 $ 192 NEXSTAR MEDIA GROUP INC $ 6,935 NEXTERA ENERGY INC $ 653 NEXTERA ENERGY INC COMMON STOCK USD.01 $ 429,082 NIC INC COMMON STOCK $ 13 NICHOLAS FINANCIAL INC $ 156 NICOLET BANKSHARES INC $ 963 NIELSEN HOLDINGS PLC COMMON STOCK EUR.07 $ 9,127 NIKE INC CL B COMMON STOCK USD1.0 $ 3,404 NISOURCE INC COMMON STOCK USD.01 $ 1,700 NL INDUSTRIES INC $ 1,597 NMI HOLDINGS INC CLASS A COMMON STOCK USD.01 $ 16,764 NN INC $ 1,173 NOBLE CORP PLC COMMON STOCK USD.01 $ - NOBLE ENERGY INC COMMON STOCK USD.01 $ 11,462 NORDIC AMERICAN OFFSHORE LTD $ 6 NORDIC AMERICAN TANKER SHIPPING $ 228 NORDSON CORP COMMON STOCK $ 6,669 NORDSTROM INC COMMON STOCK $ 101,572 NORFOLK SOUTHERN CORP COMMON STOCK USD1.0 $ 23,259 NORTHEAST BANCORP $ 426 NORTHERN TRUST CORP COMMON STOCK USD1.667 $ 4,487 NORTHFIELD BANCORP INC COMMON STOCK USD.01 $ 628 NORTHRIM BANCORP INC $ 446 NORTHROP GRUMMAN CORP COMMON STOCK USD1.0 $ 11,417

46 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) NORTHSTAR REALTY EUROPE CORP REIT USD.01 $ - NORTHWEST BANCSHARES INC COMMON STOCK USD.01 $ - NORTHWEST NATURAL GAS CO $ 3,567 NORTHWEST PIPE CO $ 233 NORTHWESTERN CORP $ 5,950 NORWEGIAN CRUISE LINE HOLDIN COMMON STOCK USD.001 $ 8,160 NOVA MEASURING INSTRUMENTS COMMON STOCK ILS.01 $ 3,461 NOVANTA INC $ 4,607 NOVAVAX INC COMMON STOCK USD.01 $ 1,605 NOVOCURE LTD COMMON STOCK $ 6,983 INC $ 1,846 NRG ENERGY INC COMMON STOCK USD.01 $ 9,617 NRG YIELD INC CLASS C COMMON STOCK $ - NRG YIELD INC-CLASS A $ 1,330 NU SKIN ENTERPRISES INC A COMMON STOCK USD.001 $ 127,895 NUANCE COMMUNICATIONS INC COMMON STOCK USD.001 $ 461 NUCOR CORP COMMON STOCK USD.4 $ 25,181 NUTRISYSTEM INC $ 2,797 NUVASIVE INC $ 4,967 NUVECTRA CORP $ 155 NV5 GLOBAL INC $ 1,055 NVE CORP $ 929 NVIDIA CORP COMMON STOCK USD.001 $ 4,610 NVR INC $ 5,284 NXSTAGE MEDICAL INC COMMON STOCK USD.001 $ 320 O REILLY AUTOMOTIVE INC COMMON STOCK USD.01 $ 126,257 OAKTREE SPECIALTY LENDING CO COMMON STOCK USD.01 $ - OAKTREE STRATEGIC INCOME COR COMMON STOCK USD.01 $ 12,363 OASIS PETROLEUM INC COMMON STOCK USD.01 $ 3,182 OBSIDIAN ENERGY LTD COMMON STOCK $ - OCCIDENTAL PETROLEUM CORP COMMON STOCK USD.2 $ 2,177 OCEAN RIG UDW INC A COMMON STOCK USD.01 $ 13 OCEANEERING INTERNATIONAL INC $ 3,983 OCEANFIRST FINANCIAL CORP COMMON STOCK USD.01 $ 5,281 OCLARO INC $ 1,310 OCWEN FINANCIAL CORP $ 438 OFFICE DEPOT INC COMMON STOCK USD.01 $ 5,841 OFG BANCORP COM $ 773 OIL STATES INTERNATIONAL INC $ 2,551 OIL-DRI CORP OF AMERICA $ 629 OKTA INC COMMON STOCK $ 6,346 OLD LINE BANCSHARES INC $ 915 OLD NATIONAL BANCORP $ 4,349 OLD REPUBLIC INTL CORP COMMON STOCK USD1.0 $ 38 OLD SECOND BANCORP INC COMMON STOCK USD1.0 $ 26,068 OLIN CORP COMMON STOCK USD1.0 $ 39,613 OLLIE'S BARGAIN OUTLET HOLDINGS;INC $ 6,485 OLYMPIC STEEL INC $ 195 OM ASSET MANAGEMENT PLC COMMON STOCK USD.001 $ 70,170

47 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) OMEGA FLEX INC $ 1,128 OMEGA HEALTHCARE INVESTORS REIT USD.1 $ 1,358 OMNICELL INC $ 3,545 OMNICOM GROUP COMMON STOCK USD.15 $ 24,941 OMNOVA SOLUTIONS INC COMMON STOCK USD.1 $ - ON ASSIGNMENT INC $ 6,765 ON DECK CAPITAL INC COMMON STOCK USD.005 $ 180,155 ON SEMICONDUCTOR CORP COMMON STOCK USD.01 $ 24,391 ONE GAS INC $ 7,852 ONE LIBERTY PROPERTIES INC REIT USD1.0 $ 38 ONEMAIN HOLDINGS INC COMMON STOCK USD.01 $ - ONEOK INC COMMON STOCK USD.01 $ 93,870 OPHTHOTECH CORP COMMON STOCK USD.001 $ 13,136 OPKO HEALTH INC $ 3,796 OPPENHEIMER HOLDINGS CL A COMMON STOCK USD.001 $ 2,511 OPUS BANK COMMON STOCK $ 26 ORACLE CORP COMMON STOCK USD.01 $ 81,126 ORASURE TECHNOLOGIES INC COMMON STOCK USD.000001 $ 13 ORBCOMM INC $ 1,825 ORBITAL ATK INC COMMON STOCK USD.01 $ 8,082 ORBOTECH LTD COMMON STOCK USD.14 $ 6,582 ORCHIDS PAPER PRODUCTS CO $ 313 ORION ENGINEERED CARBONS SA COMMON STOCK $ 16,813 ORION GROUP HOLDINGS INC COMMON STOCK USD.01 $ - ORITANI FINANCIAL CORP COMMON STOCK USD.01 $ 2,693 INC $ 8,431 ORRSTOWN FINANCIAL SERVICES INC $ 327 ORTHOFIX INTERNATIONAL NV COMMON STOCK USD.1 $ 717 OSHKOSH CORP COMMON STOCK USD.01 $ 6,793 OSI SYSTEMS INC $ 2,238 OTONOMY INC COMMON STOCK USD.001 $ 102 OTTER TAIL CORP $ 3,546 OUTFRONT MEDIA INC REIT USD.01 $ 322,740 OVASCIENCE INC COMMON STOCK $ 13 OVERSEAS SHIPHOLDING GROUP A COMMON STOCK $ 44,051 OVERSTOCK.COM INC $ 3,276 OWENS + MINOR INC COMMON STOCK USD2.0 $ - COMMON STOCK USD.001 $ 1,629 OWENS ILLINOIS INC COMMON STOCK USD.01 $ 115 OXFORD INDUSTRIES INC $ 2,383 P G + E CORP COMMON STOCK $ 2,982 PACCAR INC COMMON STOCK USD1.0 $ 20,698 PACIFIC MERCANTILE BANCORP $ 321 PACIFIC PREMIER BANCORP INC $ 3,596 PACKAGING CORP OF AMERICA COMMON STOCK USD.01 $ 8,648 PACWEST BANCORP $ 10,157 PALO ALTO NETWORKS INC COMMON STOCK USD.0001 $ 4,810 PAM TRANSPORTATION SERVICES INC $ 603 PAN AMERICAN SILVER CORP COMMON STOCK $ 7,518

48 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) PANHANDLE OIL AND GAS INC $ 865 PAPA JOHN'S INTERNATIONAL INC $ 3,581 PAR PACIFIC HOLDINGS INC $ 1,946 PAR TECHNOLOGY CORP $ 248 PARAGON COMMERCIAL CORP $ 401 PARAMOUNT GROUP INC REIT USD.01 $ 5,683 PARK ELECTROCHEMICAL CORP $ 944 PARK HOTELS & RESORTS INC - WI $ 12,705 PARK NATIONAL CORP $ 3,289 PARKE BANCORP INC $ 459 PARKER DRILLING CO COMMON STOCK USD.167 $ 26 PARKER HANNIFIN CORP COMMON STOCK USD.5 $ 19,413 PARK-OHIO HOLDINGS CORP $ 1,194 PARSLEY ENERGY INC CLASS A COMMON STOCK USD.01 $ 1,909 PARTY CITY HOLDCO INC $ 461 PATRICK INDUSTRIES INC $ 3,364 HOLDING INC $ 87 PATTERN ENERGY GROUP INC $ 4,598 PATTERSON COS INC COMMON STOCK USD.01 $ 604 PATTERSON UTI ENERGY INC COMMON STOCK USD.01 $ 4,856 PAYCHEX INC COMMON STOCK USD.01 $ - PAYCOM SOFTWARE INC $ 9,266 PAYLOCITY HOLDING CORP COMMON STOCK USD.001 $ 2,601 PAYPAL HOLDINGS INC COMMON STOCK USD.0001 $ 75,037 PBF ENERGY INC CLASS A COMMON STOCK USD.001 $ 13 PC CONNECTION INC $ 1,399 PCM INC $ 179 PC-TEL INC $ 214 PDC ENERGY INC $ 6,808 PDF SOLUTIONS INC $ 1,042 PDL BIOPHARMA INC COMMON STOCK USD.01 $ 42,073 PEABODY ENERGY CORP COMMON STOCK $ 39,011 PEAPACK GLADSTONE FINANCIAL CORP $ 1,352 PEBBLEBROOK HOTEL TRUST $ 5,455 PEGASYSTEMS INC $ 7,380 PENDRELL CORP $ 112 PENN NATIONAL GAMING INC COMMON STOCK USD.01 $ 37,076 PENN REAL ESTATE INVEST TST REIT USD1.0 $ 3,940 PENN VIRGINIA CORP COMMON STOCK $ 8,595 PENNANTPARK FLOATING RATE CA COMMON STOCK USD.001 $ - PENNANTPARK INVESTMENT CORP COMMON STOCK USD.001 $ 29,717 PENNS WOODS BANCORP INC $ 757 PENNYMAC FINANCIAL SERVICE A COMMON STOCK USD.0001 $ - PENNYMAC MORTGAGE INVESTMENT REIT USD.01 $ 15,523 PENSKE AUTOMOTIVE GROUP INC $ 8,295 PENTAIR PLC COMMON STOCK USD.01 $ 77 PEOPLE S UNITED FINANCIAL COMMON STOCK USD.01 $ 1,068 PEOPLES BANCORP INC/OH $ 1,187 PEOPLES FINANCIAL SERVICES $ 805

49 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) PEOPLE'S UTAH BANCORP $ 934 PEPSICO INC $ 381,091 PEPSICO INC COMMON STOCK USD.017 $ 12,416 PERCEPTRON INC $ 373 PERFICIENT INC COMMON STOCK USD.001 $ 10,619 PERFORMANCE FOOD GROUP CO COMMON STOCK USD.01 $ 9,177 PERFORMANT FINANCIAL CORP $ 143 PERKINELMER INC COMMON STOCK USD1.0 $ 2,607 CO PLC COMMON STOCK EUR.001 $ 7,602 PERRY ELLIS INTERNATIONAL COMMON STOCK USD.01 $ 1,767 PETMED EXPRESS INC $ 1,274 PFIZER INC COMMON STOCK USD.05 $ 6,602 PFSWEB INC COMMON STOCK USD.001 $ 5,690 PGT INNOVATIONS INC $ 1,618 PH GLATFELTER CO $ 1,547 PHH CORP COMMON STOCK USD.01 $ 440,735 PHI INC $ 365 PHIBRO ANIMAL HEALTH CORP $ 1,115 PHILIP MORRIS INTERNATIONAL COMMON STOCK $ 66,692 PHILLIPS 66 COMMON STOCK $ 692 PHOTRONICS INC COMMON STOCK USD.01 $ 3,287 PHYSICIANS REALTY TRUST $ 6,127 PICO HOLDINGS INC $ 467 PIEDMONT OFFICE REALTY TRU A REIT USD.01 $ 2,509 PIER 1 IMPORTS INC COMMON STOCK USD.001 $ 26 PIERIS PHARMACEUTICALS INC COMMON STOCK USD.001 $ 1,047 PILGRIM S PRIDE CORP COMMON STOCK USD.01 $ 9,907 PINNACLE ENTERTAINMENT INC COMMON STOCK USD.01 $ 4,674 PINNACLE FINANCIAL PARTNERS INC $ 10,703 PINNACLE FOODS INC COMMON STOCK USD.01 $ 5,738 PINNACLE WEST CAPITAL COMMON STOCK $ 28,283 PIONEER ENERGY SERVICES CORP COMMON STOCK USD.1 $ 20,119 PIONEER NATURAL RESOURCES CO COMMON STOCK USD.01 $ 2,255 PIPER JAFFRAY COS $ 798 PITNEY BOWES INC COMMON STOCK USD1.0 $ 4,402 PIXELWORKS INC COMMON STOCK USD.001 $ 9,265 PJT PARTNERS INC - A $ 1,972 PLANET FITNESS INC CL A COMMON STOCK USD.0001 $ - PLANTRONICS INC COMMON STOCK USD.01 $ 3,687 PLATFORM SPECIALTY PRODUCTS CORP $ 5,780 PLAYA HOTELS & RESORTS NV $ 2,156 PLEXUS CORP COMMON STOCK USD.01 $ 11,127 PLY GEM HOLDINGS INC $ 2,445 PNC FINANCIAL SERVICES GROUP COMMON STOCK USD5.0 $ 4,248 PNM RESOURCES INC $ 6,724 POLARIS INDUSTRIES INC COMMON STOCK USD.01 $ 26 POLYONE CORP $ 7,108 POOL CORP $ 10,232 POPULAR INC $ 7,015

50 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) PORTLAND GENERAL ELECTRIC CO COMMON STOCK $ 8,046 POST HOLDINGS INC COMMON STOCK USD.01 $ 8,202 POTASH CORP OF SASKATCHEWAN COMMON STOCK NPV $ 3,259 POTBELLY CORP COMMON STOCK USD.01 $ 256 POTLATCH CORP REIT USD1.0 $ 9,526 POWELL INDUSTRIES INC $ 662 POWER INTEGRATIONS INC $ 4,516 POWER SOLUTIONS INTERNATIONAL INC $ 102 PPG INDUSTRIES INC COMMON STOCK USD1.67 $ 666 PPL CORP $ 16,901 PPL CORP COMMON STOCK USD.01 $ 8,066 PRA GROUP INC $ 2,963 PRA HEALTH SCIENCES INC COMMON STOCK USD.01 $ 5,892 PRAXAIR INC COMMON STOCK USD.01 $ 5,574 PRECISION DRILLING CORP COMMON STOCK $ 13 PREFERRED APARTMENT COMMUN A REIT USD.01 $ 1,049 PREFERRED BANK/LOS ANGELES COMMON STOCK $ 17,518 PREFORMED LINE PRODUCTS CO $ 777 PREMIER FINANCIAL BANCORP $ 427 PREMIER INC CLASS A COMMON STOCK USD.01 $ 8,086 PRESIDIO INC COMMON STOCK USD.01 $ 3,676 PRESTIGE BRANDS HOLDINGS INC $ 4,301 PRETIUM RESOURCES INC COMMON STOCK $ 13 PRGX GLOBAL INC $ 174 PRICELINE GROUP INC/THE COMMON STOCK USD.008 $ 11,843 PRICESMART INC $ 5,197 PRIMERICA INC $ 8,624 PRIMO WATER CORP COMMON STOCK $ 5,118 PRIMORIS SERVICES CORP COMMON STOCK USD.0001 $ - PRINCIPAL FINANCIAL GROUP COMMON STOCK USD.01 $ 20,152 PROASSURANCE CORP COMMON STOCK USD.01 $ 5,839 PROCTER & GAMBLE CO/THE $ 7,210 PROCTER + GAMBLE CO/THE COMMON STOCK $ 4,401 PROGRESS SOFTWARE CORP $ 4,257 PROGRESSIVE CORP COMMON STOCK USD1.0 $ 10,633 PROLOGIS INC REIT USD.01 $ 15,909 PROOFPOINT INC COMMON STOCK USD.0001 $ 3,333 PROPETRO HOLDING CORP COMMON STOCK $ 7,968 PROSPECT CAPITAL CORP COMMON STOCK USD.001 $ 1,082 PROSPERITY BANCSHARES INC COMMON STOCK USD1.0 $ 5,454 PROTAGONIST THERAPEUTICS INC COMMON STOCK USD.00001 $ 64 PROTO LABS INC $ 5,396 PROVIDENCE SERVICE CORP/THE $ 2,128 PROVIDENT FINANCIAL HOLDINGS INC $ 159 PROVIDENT FINANCIAL SERVICES INC $ 3,709 PRUDENTIAL BANCORP INC $ 214 PRUDENTIAL FINANCIAL INC COMMON STOCK USD.01 $ 11,675 PS BUSINESS PARKS INC/CA REIT USD.01 $ 5,294 PTC INC COMMON STOCK USD.01 $ 4,678

51 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) PTC THERAPEUTICS INC $ 468 PUBLIC SERVICE ENTERPRISE GP COMMON STOCK $ 16,276 PUBLIC STORAGE REIT USD.1 $ 25,089 PULTEGROUP INC COMMON STOCK USD.01 $ 14,458 PURE CYCLE CORPORATION $ 526 PURE STORAGE INC CLASS A COMMON STOCK USD.0001 $ 3,242 PVH CORP COMMON STOCK USD1.0 $ 39,562 PZENA INVESTMENT MANAGEMENT INC $ 369 QAD INC $ 1,638 QCR HOLDINGS INC COMMON STOCK USD1.0 $ 5,254 QEP RESOURCES INC COMMON STOCK USD.01 $ 11,824 QIAGEN N.V. COMMON STOCK EUR.01 $ 4,479 QORVO INC COMMON STOCK USD.0001 $ 5,558 QTS REALTY TRUST INC $ 5,701 QUAD GRAPHICS INC COMMON STOCK USD.025 $ 1,460 QUAKER CHEMICAL CORP $ 4,082 QUALCOMM INC COMMON STOCK USD.0001 $ 2,151 QUALITY CARE PROPERTIES REIT USD.01 $ 2,001 QUALITY SYSTEMS INC COMMON STOCK USD.01 $ 4,964 QUALYS INC COMMON STOCK USD.001 $ 5,653 QUANEX BUILDING PRODUCTS COMMON STOCK USD.01 $ 1,415 QUANTA SERVICES INC $ 12,912 QUANTA SERVICES INC COMMON STOCK USD.00001 $ 360,182 QUANTUM CORP COMMON STOCK USD.01 $ 3,617 QUEST DIAGNOSTICS INC COMMON STOCK USD.01 $ 38,589 QUIDEL CORP $ 3,193 QUINSTREET INC COMMON STOCK USD.001 $ 7,468 QUMU CORP $ 26 QUORUM HEALTH CORP COMMON STOCK USD.0001 $ 2,375 QUOTIENT TECHNOLOGY INC COMMON STOCK USD.00001 $ 7,850 R1 RCM INC $ 852 RADIAN GROUP INC COMMON STOCK USD.001 $ 83,608 RADIANT LOGISTICS INC $ 411 RADISYS CORP COMMON STOCK $ 38 RADNET INC COMMON STOCK USD.0001 $ 6,055 RADWARE LTD COMMON STOCK ILS.05 $ 1,230 RALPH LAUREN CORP COMMON STOCK USD.01 $ 19,358 RAMBUS INC COMMON STOCK USD.001 $ 10,482 RAMCO GERSHENSON PROPERTIES REIT USD.01 $ 62,866 RANGE RESOURCES CORP COMMON STOCK USD.01 $ 14,997 RAPID7 INC COMMON STOCK USD.01 $ 4,042 RAVEN INDUSTRIES INC $ 2,511 RAYMOND JAMES FINANCIAL INC COMMON STOCK USD.01 $ 3,345 ADVANCED MATERIALS $ 2,148 RAYTHEON COMPANY COMMON STOCK USD.01 $ 121,826 RBC BEARINGS INC $ 5,806 RE/MAX HOLDINGS INC CL A COMMON STOCK USD.0001 $ 8,306 READING INTERNATIONAL INC $ 652 REALNETWORKS INC. $ 296

52 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) REALOGY HOLDINGS CORP COMMON STOCK USD.01 $ 705 REALPAGE INC $ 7,123 REALTY INCOME CORP REIT USD1.0 $ 5,618 RED HAT INC COMMON STOCK USD.0001 $ 8,117 RED LION HOTELS CORP $ 669 RED ROBIN GOURMET BURGERS INC $ 1,853 RED ROCK RESORTS INC $ 4,644 REDWOOD TRUST INC REIT USD.01 $ 10,473 REGAL BELOIT CORP COMMON STOCK USD.01 $ 28,211 REGAL ENTERTAINMENT GROUP A COMMON STOCK USD.001 $ 7,692 CORP REIT USD.01 $ 139,113 REGENERON PHARMACEUTICALS COMMON STOCK USD.001 $ 2,941 REGENXBIO INC COMMON STOCK USD.0001 $ 3,176 REGIONAL MANAGEMENT CORP $ 691 REGIONS FINANCIAL CORP COMMON STOCK USD.01 $ 23,772 REGIS CORP COMMON STOCK USD.05 $ - REIS INC $ 550 RELIANCE STEEL & ALUMINUM CO $ 17,654 RENAISSANCERE HOLDINGS LTD $ 10,680 RENASANT CORP COMMON STOCK USD5.0 $ 13 RENEWABLE ENERGY GROUP INC COMMON STOCK USD.0001 $ 11,950 RENT-A-CENTER INC/TX $ 1,297 REPLIGEN CORP $ 2,193 REPUBLIC BANCORP INC/KY $ 1,649 REPUBLIC SERVICES INC COMMON STOCK USD.01 $ 79,287 RESMED INC COMMON STOCK USD.004 $ 7,004 RESOLUTE FOREST PRODUCTS COMMON STOCK USD.001 $ 10,083 RESOURCE CAPITAL CORP REIT USD.001 $ 5,635 RESOURCES CONNECTION INC COMMON STOCK USD.01 $ 39,767 RESTAURANT BRANDS INTERN COMMON STOCK $ 8,686 RETAIL OPPORTUNITY INVESTMEN REIT USD.0001 $ 152,764 RETAIL PROPERTIES OF AME A REIT USD.001 $ 102,724 RETROPHIN INC $ 1,224 REV GROUP INC COMMON STOCK USD.001 $ 78,496 REVLON INC $ 1,875 REX AMERICAN RESOURCES CORP $ 1,071 REXFORD INDUSTRIAL REALTY INC $ 4,816 REXNORD CORP COMMON STOCK USD.01 $ 54,120 RGC RESOURCES INC $ 227 RH $ 7,128 RIBBON COMMUNICATIONS INC COMMON STOCK USD.001 $ 5,143 RICHARDSON ELECTRONICS LTD/UNITED STATES $ 126 RICKS HOSPITALITY HOLDINGS INC $ 617 RIGNET INC COMMON STOCK USD.001 $ 672 RING ENERGY INC $ 1,199 RINGCENTRAL INC CLASS A COMMON STOCK USD.0001 $ 10,306 RITE AID CORP COMMON STOCK USD1.0 $ 5,243 RIVERVIEW BANCORP INC $ 386 RLI CORP $ 5,496

53 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) RLJ LODGING TRUST REIT $ 102 ROADRUNNER TRANSPORTATION SY COMMON STOCK USD.01 $ 4,565 ROBERT HALF INTL INC COMMON STOCK USD.001 $ 2,950 ROCKWELL AUTOMATION INC COMMON STOCK USD1.0 $ 7,528 ROCKWELL COLLINS INC COMMON STOCK USD.01 $ 40,337 ROCKY BRANDS INC $ 475 ROGERS CORP COMMON STOCK USD1.0 $ 8,471 ROPER TECHNOLOGIES INC COMMON STOCK USD.01 $ 2,995 ROSETTA STONE INC COMMON STOCK USD.00005 $ 7,005 ROSS STORES INC COMMON STOCK USD.01 $ 2,353 ROWAN COMPANIES PLC A COMMON STOCK USD.125 $ 2,459 ROYAL BANK OF CANADA COMMON STOCK $ 1,008 ROYAL CARIBBEAN CRUISES LTD COMMON STOCK USD.01 $ 23,331 ROYAL GOLD INC COMMON STOCK USD.01 $ 26 RPC INC $ 7,139 RPX CORP COMMON STOCK USD.0001 $ 64,339 RR DONNELLEY + SONS CO W/I COMMON STOCK USD1.25 $ 16,430 RSP PERMIAN INC COMMON STOCK USD.01 $ 5,674 RTI SURGICAL INC $ 558 RUBICON PROJECT INC/THE COMMON STOCK USD.00001 $ 5,235 RUDOLPH TECHNOLOGIES INC COMMON STOCK USD.001 $ 13 RUSH ENTERPRISES INC CL A COMMON STOCK USD.01 $ 3,434 RUTH S HOSPITALITY GROUP INC COMMON STOCK USD.01 $ 5,695 RYDER SYSTEM INC COMMON STOCK USD.5 $ - RYERSON HOLDING CORP COMMON STOCK USD.01 $ 13 RYMAN HOSPITALITY PROPERTIES REIT USD.01 $ - S&T BANCORP INC $ 3,042 S+P GLOBAL INC COMMON STOCK USD1.0 $ 3,705 SABRA HEALTH CARE REIT INC REIT USD.01 $ 10,246 SABRE CORP COMMON STOCK USD.01 $ 10,979 SAFE BULKERS INC COMMON STOCK USD.001 $ 16,296 SAFEGUARD SCIENTIFICS INC $ 360 SAFETY INSURANCE GROUP INC $ 2,326 SAGA COMMUNICATIONS INC $ 256 SAIA INC COMMON STOCK USD.001 $ 210,488 SALEM COMMUNICATIONS HOLDING CORP $ 271 SALESFORCE.COM INC COMMON STOCK USD.001 $ 17,603 SALLY BEAUTY HOLDINGS INC COMMON STOCK USD.01 $ 139,893 SANCHEZ ENERGY CORP COMMON STOCK USD.01 $ 333 SANDERSON FARMS INC $ 6,755 SANDRIDGE ENERGY INC COMMON STOCK USD.001 $ 4,479 SANDSTORM GOLD LTD COMMON STOCK $ 105,016 SANDY SPRING BANCORP INC COMMON STOCK USD1.0 $ 7,352 SANGAMO THERAPEUTICS INC COMMON STOCK USD.01 $ 15,619 SANMINA CORP COMMON STOCK USD.01 $ 2,084 SANTANDER CONSUMER USA HOLDI COMMON STOCK USD.01 $ 974 SAPIENS INTERNATIONAL CORP $ 835 SAUL CENTERS INC $ 2,668 SBA COMMUNICATIONS CORP REIT USD.01 $ 9,977

54 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) SCANA CORP COMMON STOCK $ - SCANSOURCE INC $ 2,026 SCHLUMBERGER LTD COMMON STOCK USD.01 $ 9,711 SCHNITZER STEEL INDS INC A COMMON STOCK USD1.0 $ 16,595 SCHOLASTIC CORP COMMON STOCK USD.01 $ 1,384 SCHULMAN (A.) INC COMMON STOCK USD1.0 $ 548 SCHWAB (CHARLES) CORP COMMON STOCK USD.01 $ 201,702 SCHWEITZER MAUDUIT INTL INC COMMON STOCK USD.1 $ 833 SCIENCE APPLICATIONS INTERNATIONAL CORP $ 6,303 SCIENTIFIC GAMES CORP A COMMON STOCK USD.01 $ 42,389 SCORPIO BULKERS INC $ 732 SCORPIO TANKERS INC $ 1,123 SCOTTS MIRACLE GRO CO COMMON STOCK USD.01 $ 98 SCRIPPS NETWORKS INTER CL A COMMON STOCK USD.01 $ 22,984 SEABOARD CORP $ 10,290 SEACHANGE INTERNATIONAL INC COMMON STOCK USD.01 $ 26 SEACOAST BANKING CORP/FL COMMON STOCK USD.1 $ 11,005 SEACOR HOLDINGS INC $ 1,775 SEACOR MARINE HOLDINGS INC $ 452 SEAGATE TECHNOLOGY COMMON STOCK USD.00001 $ 16,764 SEALED AIR CORP COMMON STOCK USD.1 $ 1,849 SEARS HOMETOWN AND OUTLET $ 157 SEASPAN CORP COMMON STOCK USD.01 $ 190,955 SEASPINE HOLDINGS INC $ 217 SEATTLE GENETICS INC COMMON STOCK USD.001 $ 1,294 SEAWORLD ENTERTAINMENT INC COMMON STOCK USD.01 $ 6,151 SEI INVESTMENTS COMPANY COMMON STOCK USD.01 $ 7,727 SELECT ENERGY SERVICES INC A COMMON STOCK USD.01 $ 11,508 SELECT INCOME REIT REIT USD.01 $ 5,980 SELECT MEDICAL HOLDINGS CORP $ 4,570 SELECTIVE INSURANCE GROUP INC $ 7,369 SEMGROUP CORP - CLASS A $ 3,709 SEMPRA ENERGY COMMON STOCK $ 8,827 SEMTECH CORP COMMON STOCK USD.01 $ 38 SENECA FOODS CORP $ 598 SENIOR HOUSING PROPERTIES TRUST $ 9,207 SENOMYX INC COMMON STOCK USD.001 $ 24,271 SENSATA TECHNOLOGIES HOLDING COMMON STOCK EUR.01 $ 1,048 SENSIENT TECHNOLOGIES CORP $ 6,404 SERES THERAPEUTICS INC COMMON STOCK USD.001 $ - SERITAGE GROWTH PROPERTIES $ 1,320 SERVICE CORP INTERNATIONAL COMMON STOCK USD1.0 $ 15,098 SERVICEMASTER GLOBAL HOLDING COMMON STOCK USD.01 $ 56,153 SERVICENOW INC COMMON STOCK USD.001 $ - SERVICESOURCE INTERNATIONAL COMMON STOCK USD.0001 $ 167 SERVISFIRST BANCSHARES INC $ 4,354 SHENANDOAH TELECOMMUNICATIONS CO $ 3,121 SHERWIN WILLIAMS CO/THE COMMON STOCK USD1.0 $ 12,040 SHILOH INDUSTRIES INC COMMON STOCK USD.01 $ 2,549

55 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) SHIP FINANCE INTERNATIONAL LTD $ 2,619 SHOE CARNIVAL INC COMMON STOCK USD.01 $ 8,602 SHOPIFY INC CLASS A COMMON STOCK $ 2,639 SHORE BANCSHARES, INC. $ 613 SHUTTERFLY INC COMMON STOCK USD.0001 $ 7,716 SHUTTERSTOCK INC $ 2,473 SI FINACIAL CORP $ 384 SIERRA BANCORP $ 957 SIERRA ONCOLOGY INC COMMON STOCK USD.001 $ - SIERRA WIRELESS INC COMMON STOCK $ 1,065 SIFCO INDUSTRIES INC $ 39 SIGMA DESIGNS INC COMMON STOCK $ 11,581 SIGNET JEWELERS LTD $ 7,332 SIGNET JEWELERS LTD COMMON STOCK USD.18 $ 5,445 SILGAN HOLDINGS INC COMMON STOCK USD.01 $ 1,966 SILICON LABORATORIES INC $ 7,100 SILVER SPRING NETWORKS INC $ 1,036 SILVERBOW RESOURCES INC $ 419 SILVERCORP METALS INC COMMON STOCK $ 154 SILVERCREST ASSET MANAGEME-A $ 278 SIMMONS FIRST NATIONAL CORP $ 5,638 SIMON PROPERTY GROUP INC REIT USD.0001 $ 3,972 SIMPSON MANUFACTURING CO INC $ 5,161 SIMULATIONS PLUS INC $ 452 SINA CORP COMMON STOCK USD.133 $ 10,622 SINCLAIR BROADCAST GROUP INC $ 5,867 SITEONE LANDSCAPE SUPPLY $ 5,836 SIX FLAGS ENTERTAINMENT CORP COMMON STOCK $ 6,839 SJW CORP $ 2,722 SKECHERS USA INC CL A COMMON STOCK USD.001 $ 1,367 SKYWEST INC COMMON STOCK $ 26 SKYWORKS SOLUTIONS INC COMMON STOCK USD.25 $ 17,425 SL GREEN REALTY CORP REIT USD.01 $ 2,608 SLEEP NUMBER CORP $ 3,106 SLM CORP $ 10,077 SM ENERGY CO COMMON STOCK USD.01 $ 1,007 SMART + FINAL STORES INC COMMON STOCK USD.001 $ 1,716 SMART GLOBAL HOLDINGS INC COMMON STOCK USD.01 $ 224 SMART SAND INC COMMON STOCK USD.001 $ - SMARTFINANCIAL INC $ 232 SMITH (A.O.) CORP COMMON STOCK USD1.0 $ 18,230 SNAP ON INC COMMON STOCK USD1.0 $ 10,491 SNYDERS LANCE INC COMMON STOCK USD.833 $ 243 SODASTREAM INTERNATIONAL LTD COMMON STOCK ILS.645 $ 6,806 SOHU.COM INC COMMON STOCK USD.001 $ 7,863 SOLAR CAPITAL LTD COMMON STOCK USD.01 $ 337,839 SOLAR SENIOR CAPITAL LTD COMMON STOCK USD.01 $ 101,550 SOLAREDGE TECHNOLOGIES INC COMMON STOCK USD.0001 $ 13 SOLARIS OILFIELD INFRAST A COMMON STOCK USD.01 $ -

56 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) SONIC AUTOMOTIVE INC $ 1,091 SONIC CORP COMMON STOCK USD.01 $ 19,372 SONOCO PRODUCTS CO $ 10,509 SORL AUTO PARTS INC COMMON STOCK USD.002 $ 7,090 SOTHEBY'S $ 5,645 SOUTH JERSEY INDUSTRIES INC $ 5,031 SOUTH STATE CORP COMMON STOCK USD2.5 $ 2,970 SOUTHERN CO/THE $ 1,678 SOUTHERN CO/THE COMMON STOCK USD5.0 $ 146,948 SOUTHERN FIRST BANCSHARES, INC. $ 446 SOUTHERN MISSOURI BANCORP $ 643 SOUTHERN NATL BANCORP OF VA $ 776 SOUTHSIDE BANCSHARES INC $ 1,913 SOUTHWEST AIRLINES CO COMMON STOCK USD1.0 $ 27,555 SOUTHWEST GAS HOLDINGS INC $ 8,207 SOUTHWESTERN ENERGY CO COMMON STOCK USD.01 $ 10,763 SP PLUS CORP COMMON STOCK USD.001 $ - SPARK ENERGY INC CLASS A COMMON STOCK USD.01 $ - SPARTAN MOTORS INC COMMON STOCK USD.01 $ 11,269 SPARTANNASH CO $ 2,054 SPARTON CORP $ 446 SPDR S+P 500 ETF TRUST SPDR S+P 500 ETF TRUST $ 2,009 SPECTRUM BRANDS HOLDINGS INC COMMON STOCK USD.01 $ 679 SPECTRUM PHARMACEUTICALS INC $ 2,166 SPEEDWAY MOTORSPORTS INC $ 1,593 SPIRE INC $ 7,301 SPIRIT AEROSYSTEMS HOLD CL A COMMON STOCK USD.01 $ 3,747 SPIRIT AIRLINES INC COMMON STOCK USD.0001 $ 51 SPIRIT REALTY CAPITAL INC REIT USD.01 $ 807 SPLUNK INC COMMON STOCK USD.001 $ 21,690 SPOK HOLDINGS INC COMMON STOCK USD.0001 $ 62,137 SPORTSMAN'S WAREHOUSE HOLDINGS INC $ 586 SPRINT CORP COMMON STOCK USD.01 $ 5,769 SPROUTS FARMERS MARKETS INC $ 6,191 SPS COMMERCE INC COMMON STOCK USD.001 $ 59,279 SPX CORP COMMON STOCK USD.01 $ 12,562 SPX FLOW INC $ 4,205 SQUARE INC A COMMON STOCK USD.000001 $ 18,101 SRC ENERGY INC $ 3,862 SS+C TECHNOLOGIES HOLDINGS COMMON STOCK USD.01 $ 917 SSR MINING INC COMMON STOCK $ 168,975 ST JOE CO/THE $ 2,725 STAAR SURGICAL CO COMMON STOCK USD.01 $ 2,777 STAG INDUSTRIAL INC $ 5,290 STAGE STORES INC $ 144 STAMPS.COM INC $ 6,486 STANDARD MOTOR PRODUCTS INC $ 1,782 STANDEX INTERNATIONAL CORP $ 2,704 STANLEY BLACK + DECKER INC COMMON STOCK USD2.5 $ 22,850

57 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) STAR BULK CARRIERS CORP COMMON STOCK USD.01 $ 7,341 STARBUCKS CORP COMMON STOCK USD.001 $ 20,650 STARTEK INC $ 204 STARWOOD PROPERTY TRUST INC REIT USD.01 $ - STATE AUTO FINANCIAL CORP $ 2,527 STATE BANK FINANCIAL CORP $ 2,127 STATE STREET CORP COMMON STOCK USD1.0 $ 13 STEEL DYNAMICS INC COMMON STOCK USD.005 $ 6,926 STEELCASE INC CL A COMMON STOCK $ - STEIN MART INC $ 95 STELLUS CAPITAL INVESTMENT C COMMON STOCK USD.001 $ 6,871 STEPAN CO $ 3,455 STERICYCLE INC COMMON STOCK USD.01 $ 9,464 STERLING BANCORP $ 11,248 STERLING CONSTRUCTION CO COMMON STOCK USD.01 $ 9,160 STEVEN MADDEN LTD $ 5,430 STEWART INFORMATION SERVICES COMMON STOCK USD1.0 $ 1,421 STIFEL FINANCIAL CORP $ 8,449 STITCH FIX INC CLASS A COMMON STOCK USD.00002 $ 13 STOCK YARDS BANKCORP INC $ 1,811 STONE ENERGY CORP $ 1,139 STONERIDGE INC COMMON STOCK $ 17,996 STORE CAPITAL CORP REIT USD.01 $ 2,690 STRATASYS LTD COMMON STOCK ILS.01 $ 13 STRATTEC SECURITY CORP $ 470 STRATUS PROPERTIES INC $ 449 STRAYER EDUCATION INC $ 1,686 STRYKER CORP COMMON STOCK USD.1 $ 16,916 STUDENT TRANSPORTATION INC COMMON STOCK $ 6,560 STURM RUGER & CO INC $ 2,219 SUCAMPO PHARMACEUTICALS INC $ 1,273 SUMMIT FINANCIAL GROUP INC $ 559 SUMMIT HOTEL PROPERTIES INC $ 3,146 SUMMIT MATERIALS INC CL A COMMON STOCK USD.01 $ 13 SUN BANCORP INC $ 1,116 SUN COMMUNITIES INC $ 8,391 SUN HYDRAULICS CORP $ 3,472 SUN LIFE FINANCIAL INC COMMON STOCK $ 4,606 SUNCOKE ENERGY INC COMMON STOCK USD.01 $ 13 SUNCOR ENERGY INC COMMON STOCK $ - SUNPOWER CORP COMMON STOCK USD.001 $ - SUNSHINE BANCORP INC $ 526 SUNSTONE HOTEL INVESTORS INC $ 7,644 SUNTRUST BANKS INC COMMON STOCK USD1.0 $ 1,153 SUPER MICRO COMPUTER INC $ 1,754 SUPERIOR ENERGY SERVICES INC COMMON STOCK USD.001 $ 296 SUPERIOR INDUSTRIES INTL COMMON STOCK $ 9,438 SUPERIOR UNIFORM GROUP INC $ 774 SUPERNUS PHARMACEUTICALS INC $ 3,891

58 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) SUPERVALU INC COMMON STOCK USD.01 $ 15,737 SURGERY PARNTERS INC $ 416 SURMODICS INC COMMON STOCK USD.05 $ 26 SVB FINANCIAL GROUP COMMON STOCK USD.001 $ 3,683 SYKES ENTERPRISES INC COMMON STOCK USD.01 $ 10,346 SYMANTEC CORP COMMON STOCK USD.01 $ 293 SYNALLOY CORP $ 325 SYNAPTICS INC COMMON STOCK USD.001 $ 6,051 SYNCHRONOSS TECHNOLOGIES INC COMMON STOCK USD.0001 $ 13 SYNCHRONY FINANCIAL COMMON STOCK USD.001 $ 26 SYNDAX PHARMACEUTICALS INC $ 331 SYNNEX CORP COMMON STOCK USD.001 $ 3,777 SYNOPSYS INC COMMON STOCK USD.01 $ 13,638 SYNOVUS FINANCIAL CORP COMMON STOCK USD1.0 $ 11,151 SYNTEL INC COMMON STOCK $ 51 SYSCO CORP $ 269 SYSCO CORP COMMON STOCK USD1.0 $ 4,577 SYSTEMAX INC $ 2,554 T MOBILE US INC COMMON STOCK USD.0001 $ 7,514 T ROWE PRICE GROUP INC COMMON STOCK USD.2 $ 1,063 TABLEAU SOFTWARE INC CL A COMMON STOCK USD.0001 $ 4,597 TABULA RASA HEALTHCARE INC COMMON STOCK USD.0001 $ 76,348 TAHOE RESOURCES INC COMMON STOCK $ 6,729 TAILORED BRANDS INC COMMON STOCK USD.01 $ 1,188 TAKE TWO INTERACTIVE SOFTWRE COMMON STOCK USD.01 $ 544,593 TANGER FACTORY OUTLET CENTERS $ 5,364 TAPESTRY INC COMMON STOCK USD.01 $ 175,990 TARGET CORP COMMON STOCK USD.0833 $ 16,062 TARO PHARMACEUTICALS INDUSTRIES LTD $ 5,870 TASEKO MINES LTD COMMON STOCK $ - TAUBMAN CENTERS INC REIT USD.01 $ 2,037 TAYLOR MORRISON HOME CORP A COMMON STOCK USD.00001 $ 579 TCF FINANCIAL CORP $ 7,637 TCP CAPITAL CORP COMMON STOCK USD.001 $ 16,661 TD AMERITRADE HOLDING CORP COMMON STOCK USD.01 $ 19,315 TE CONNECTIVITY LTD COMMON STOCK CHF.57 $ 279,610 TEAM INC $ 900 TECH DATA CORP COMMON STOCK USD.0015 $ 187,803 TECHNIPFMC PLC COMMON STOCK USD1.0 $ 173,127 TECHTARGET $ 802 TECK RESOURCES LTD CLS B COMMON STOCK $ 6,009 TEEKAY CORP COMMON STOCK USD.001 $ 5,117 TEEKAY TANKERS LTD $ 383 TEGNA INC $ 4,971 TEJON RANCH CO $ 1,127 TELEDYNE TECHNOLOGIES INC $ 13,060 TELENAV INC $ 492 TELEPHONE AND DATA SYSTEMS COMMON STOCK USD.01 $ 10,255 TELETECH HOLDINGS INC COMMON STOCK USD.01 $ 18,942

59 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) TEMPUR SEALY INTERNATIONAL INC $ 6,395 TENET HEALTHCARE CORP $ 2,441 TENNANT CO $ 2,265 TENNECO INC $ 5,619 TERADATA CORP COMMON STOCK USD.01 $ - TERADYNE INC COMMON STOCK USD.125 $ 1,478 TEREX CORP $ 10,861 TERRENO REALTY CORP $ 4,206 TERRITORIAL BANCORP INC $ 581 TESARO INC $ 3,692 TESSCO TECHNOLOGIES INC $ 363 TETRA TECH INC COMMON STOCK USD.01 $ 7,584 TETRA TECHNOLOGIES INC COMMON STOCK USD.01 $ 5,233 TETRAPHASE PHARMACEUTICALS INC $ 543 TEXAS CAPITAL BANCSHARES INC $ 9,246 TEXAS INSTRUMENTS INC COMMON STOCK USD1.0 $ 23,460 TEXAS ROADHOUSE INC $ 7,172 TEXTAINER GROUP HOLDINGS LTD COMMON STOCK USD.01 $ 7,720 TEXTRON INC COMMON STOCK USD.125 $ 5,887 TFS FINANCIAL CORP $ 6,110 THE CHILDREN'S PLACE INC $ 5,351 THE COMMUNITY FINANCIAL CORPORATION $ 248 THE NEW HOME COMPANY $ 506 THE RMR GROUP INC $ 1,717 THERMO FISHER SCIENTIFIC INC COMMON STOCK USD1.0 $ 730 THERMON GROUP HOLDINGS INC $ 1,354 THIRD POINT REINSURANCE LTD $ 3,041 THL CREDIT INC COMMON STOCK USD.001 $ 2,530 THOMSON CORP COMMON STOCK $ 13 THOR INDUSTRIES INC $ 179 TICC CAPITAL CORP COMMON STOCK USD.01 $ 25,226 TIER REIT INC REIT USD.0001 $ 8,047 TIFFANY + CO COMMON STOCK USD.01 $ 473 TILE SHOP HLDGS INC COMMON STOCK USD.0001 $ 1,681 TILLY S INC CLASS A SHRS COMMON STOCK USD.001 $ 1,869 TIMBERLAND BANCORP INC/WA $ 402 TIME INC COMMON STOCK USD.01 $ 7,961 TIME WARNER INC COMMON STOCK USD.01 $ 2,674 TIMKEN CO $ 7,546 TIMKENSTEEL CORP COMMON STOCK $ 10,292 TIPTREE FINANCIAL INC $ 439 TITAN INTERNATIONAL INC COMMON STOCK $ - TITAN MACHINERY INC COMMON STOCK USD.00001 $ 895 TIVITY HEALTH INC COMMON STOCK USD.001 $ 1,535 TIVO CORP COMMON STOCK USD.001 $ 20,040 TJX COMPANIES INC COMMON STOCK USD1.0 $ 64,112 TOLL BROTHERS INC COMMON STOCK USD.01 $ 7,641 TOMPKINS FINANCIAL CORP COMMON STOCK USD.1 $ 410 TOOTSIE ROLL INDUSTRIES INC $ 2,583

60 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) TOPBUILD CORP -W/I $ 5,712 TORCHMARK CORP COMMON STOCK USD1.0 $ 13 TORO CO COMMON STOCK USD1.0 $ 3,544 TORONTO DOMINION BANK COMMON STOCK $ - TOTAL SYSTEM SERVICES INC COMMON STOCK USD.1 $ 17,636 TOWER INTERNATIONAL INC COMMON STOCK USD.01 $ 2,614 LTD COMMON STOCK ILS1.0 $ 1,912 TOWN SPORTS INTERNATIONAL HOLDINGS INC $ 324 TOWNEBANK/PORTSMOUTH VA $ 3,868 TOWNSQUARE MEDIA INC CL A COMMON STOCK USD.01 $ 102 TPG SPECIALTY LENDING INC COMMON STOCK USD.01 $ 591 TPI COMPOSITES INC COMMON STOCK USD.01 $ 3,319 TRACTOR SUPPLY COMPANY COMMON STOCK USD.008 $ 25,251 TRANSCAT INC $ 246 TRANSDIGM GROUP INC COMMON STOCK USD.01 $ 16,223 TRANSENTERIX INC $ 163 TRANSOCEAN LTD COMMON STOCK CHF.1 $ 7,757 TRANSUNION COMMON STOCK USD.01 $ 7,453 TRAVELCENTERS OF AMERICA LLC COMMON STOCK USD.00001 $ 2,174 TRAVELERS COS INC/THE COMMON STOCK $ 17,346 TRAVELPORT WORLDWIDE LTD COMMON STOCK USD.0025 $ - TRAVELZOO $ 65 TRECORA RESOURCES $ 624 TREDEGAR CORP $ 1,331 TREEHOUSE FOODS INC COMMON STOCK USD.01 $ 4,400 TREX CO INC $ 6,374 TRI POINTE GROUP INC $ 5,762 TRIANGLE CAPITAL CORP COMMON STOCK USD.001 $ 16,204 TRIBUNE CO $ 1,418 TRICO BANCSHARES $ 1,966 TRIMAS CORP $ 2,512 TRIMBLE INC COMMON STOCK $ 2,295 TRINET GROUP INC COMMON STOCK USD.000025 $ 13 TRINITY INDUSTRIES INC COMMON STOCK USD.01 $ 4,803 TRINSEO SA COMMON STOCK USD.01 $ 4,460 TRIPADVISOR INC $ 8,340 TRIPADVISOR INC COMMON STOCK USD.001 $ 13 TRIPLE S MANAGEMENT CORP B COMMON STOCK USD1.0 $ - TRISTATE CAPITAL HLDGS INC $ 1,316 TRITON INTERNATIONAL LTD/BER COMMON STOCK USD.01 $ 21,904 TRIUMPH BANCORP INC COMMON STOCK USD.01 $ 5,585 TRIUMPH GROUP INC $ 2,972 TRONC INC COM $ 1,228 TRONOX LTD CL A COMMON STOCK USD.01 $ 2,329 TRUEBLUE INC $ 2,227 TRUECAR INC COMMON STOCK USD.0001 $ - TRUPANION INC COMMON STOCK USD.00001 $ 11,573 TRUSTCO BANK CORP NY COMMON STOCK USD1.0 $ 26 TRUSTMARK CORP $ 4,771

61 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) TTM TECHNOLOGIES COMMON STOCK USD.001 $ 4,678 TUESDAY MORNING CORP $ 94 TUPPERWARE BRANDS CORP $ 6,077 TURNING POINT BRANDS INC $ 933 TURQUOISE HILL RESOURCES LTD COMMON STOCK $ 13 TUTOR PERINI CORP COMMON STOCK USD1.0 $ 7,808 TWENTY FIRST CENTURY FOX B COMMON STOCK USD.01 $ 90 TWENTY FIRST CENTURY FOX A COMMON STOCK USD.01 $ 8,904 TWIN DISC INC $ 900 INC COMMON STOCK USD.000005 $ - TWO HARBORS INVESTMENT WI REIT $ - TWO RIVER BANCORP $ 307 TYLER TECHNOLOGIES INC $ 7,092 TYSON FOODS INC $ 1,281 TYSON FOODS INC CL A COMMON STOCK USD.1 $ 3,921 UBIQUITI NETWORKS INC $ 8,717 UDR INC REIT USD.01 $ 13,755 UFP TECHNOLOGIES INC COMMON STOCK USD.01 $ 7,122 UGI CORP COMMON STOCK $ 2,914 ULTA BEAUTY INC COMMON STOCK USD.01 $ 4,486 ULTIMATE SOFTWARE GROUP INC $ 11,858 ULTRA CLEAN HOLDINGS INC COMMON STOCK USD.001 $ 9,028 ULTRA PETROLEUM CORP $ 2,725 ULTRALIFE CORP $ 354 UMB FINANCIAL CORP $ 7,402 UMH PROPERTIES INC REIT USD.1 $ 2,819 UMPQUA HOLDINGS CORP COMMON STOCK $ 38 UNDER ARMOUR INC CLASS A COMMON STOCK USD.000333 $ 13 UNDER ARMOUR INC CLASS C COMMON STOCK USD.000333 $ 4,657 UNIFI INC $ 856 UNIFIRST CORP/MA COMMON STOCK USD.1 $ 7,539 UNION BANKSHARES CORP $ 3,321 UNION PACIFIC CORP COMMON STOCK USD2.5 $ 1,473 UNIQURE NV COMMON STOCK EUR.05 $ 1,781 UNISYS CORP COMMON STOCK USD.01 $ 32,861 UNIT CORP COMMON STOCK USD.2 $ 14,105 UNITED BANKSHARES INC COMMON STOCK USD2.5 $ 2,857 UNITED CMNTY BKS BLAIRSVLE $ 4,033 UNITED COMMUNITY FINANCIAL CORP/OH $ 1,217 UNITED CONTINENTAL HOLDINGS COMMON STOCK USD.01 $ 5,092 UNITED FINANCIAL BANCORP INC COMMON STOCK $ 8,486 UNITED FIRE GROUP INC. $ 2,151 UNITED INSURANCE HOLDINGS CO $ 1,498 UNITED NATURAL FOODS INC $ 4,628 UNITED PARCEL SERVICE CL B COMMON STOCK USD.01 $ 71,060 UNITED RENTALS INC COMMON STOCK USD.01 $ 13,247 UNITED STATES CELLULAR CORP $ 2,115 UNITED STATES LIME & MINERALS INC $ 1,154 UNITED STATES STEEL CORP COMMON STOCK USD1.0 $ 1,136

62 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) UNITED TECHNOLOGIES CORP COMMON STOCK USD1.0 $ 13 UNITED THERAPEUTICS CORP $ 16,313 UNITEDHEALTH GROUP INC COMMON STOCK USD.01 $ 558 UNITI GROUP INC $ 5,576 UNITIL CORP $ 1,204 UNITY BANCORP $ 453 UNIVAR INC COMMON STOCK USD.01 $ - UNIVERSAL CORP/VA COMMON STOCK $ 4,486 UNIVERSAL DISPLAY CORP $ 13,532 UNIVERSAL ELECTRONICS INC $ 1,170 UNIVERSAL FOREST PRODUCTS INC $ 4,677 UNIVERSAL HEALTH REALTY INCOME TRUST $ 2,046 UNIVERSAL HEALTH SERVICES B COMMON STOCK USD.01 $ 32,406 UNIVERSAL INSURANCE HOLDINGS INC $ 1,816 UNIVERSAL LOGISTICS HOLDINGS I $ 1,263 UNIVERSAL STAINLESS & ALLOY $ 194 UNIVERSAL TECHNICAL INSTITUTE INC $ 143 UNIVEST CORP OF PENNSYLVANIA $ 1,605 UNUM GROUP COMMON STOCK USD.1 $ 11,718 UPLAND SOFTWARE INC COMMON STOCK USD.0001 $ 1,745 URBAN EDGE PROPERTIES $ 5,690 URBAN OUTFITTERS INC COMMON STOCK USD.0001 $ - URSTADT BIDDLE CLASS A REIT USD.01 $ 521 US BANCORP COMMON STOCK USD.01 $ 8,713 US CONCRETE INC $ 2,611 US ECOLOGY INC $ 2,380 US FOODS HOLDING CORP COMMON STOCK USD.01 $ 15,881 US PHYSICAL THERAPY INC $ 1,919 US SILICA HOLDINGS INC COMMON STOCK USD.01 $ 8,436 USA TRUCK INC COMMON STOCK USD.01 $ 167 USANA HEALTH SCIENCES INC COMMON STOCK USD.001 $ 4,447 USG CORP $ 11,122 UTAH MEDICAL PRODUCTS INC $ 719 VAIL RESORTS INC $ 2,424 VALEANT PHARMACEUTICALS INTE COMMON STOCK NPV $ 3,185 VALERO ENERGY CORP COMMON STOCK USD.01 $ 34,608 VALIDUS HOLDINGS LTD COMMON STOCK USD.175 $ 13 VALLEY NATIONAL BANCORP COMMON STOCK $ 1,472 VALMONT INDUSTRIES INC $ 7,277 VALVOLINE INC $ 10,386 VANTIV INC CL A COMMON STOCK USD.00001 $ 38 VAREX IMAGING CORP $ 3,026 VARIAN MEDICAL SYSTEMS INC COMMON STOCK USD1.0 $ 18,987 VARONIS SYSTEMS INC COMMON STOCK USD.001 $ 1,230 VASCO DATA SECURITY INTL COMMON STOCK USD.001 $ 6,067 VECTOR GROUP LTD COMMON STOCK USD.1 $ - VECTREN CORP COMMON STOCK $ 269 VECTRUS INC COMMON STOCK USD.01 $ 3,968 VEECO INSTRUMENTS INC COMMON STOCK USD.01 $ -

63 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) VEEVA SYSTEMS INC $ 2,822 VENTAS INC REIT USD.25 $ 11,963 VERA BRADLEY INC COMMON STOCK $ 7,892 VEREIT INC REIT USD.01 $ 2,816 VERIFONE SYSTEMS INC COMMON STOCK USD.01 $ - VERINT SYSTEMS INC $ 5,225 VERISIGN INC COMMON STOCK USD.001 $ 7,853 VERISK ANALYTICS INC COMMON STOCK USD.001 $ 2,280 VERITEX HOLDINGS INC COMMON STOCK USD.01 $ 512 VERITIV CORP $ 1,048 VERITONE INC COMMON STOCK USD.001 $ - VERIZON COMMUNICATIONS INC COMMON STOCK USD.1 $ 13,021 VERSARTIS INC COMMON STOCK USD.0001 $ 3,809 VERSO CORP A COMMON STOCK $ 1,436 VERSUM MATERIALS INC COMMON STOCK USD1.0 $ 4,503 VERTEX PHARMACEUTICALS INC COMMON STOCK USD.01 $ 28,121 VF CORP COMMON STOCK $ 9,375 VIACOM INC CLASS B COMMON STOCK USD.001 $ 9,606 VIAD CORP COMMON STOCK USD1.5 $ 5,443 VIASAT INC $ 9,334 VIAVI SOLUTIONS INC COMMON STOCK USD.001 $ 262 VICOR CORP $ 740 VILLAGE SUPER MARKET CLASS A COMMON STOCK $ 11,158 VIRTU FINANCIAL INC CLASS A COMMON STOCK USD.00001 $ - VIRTUS INVESTMENT PARTNERS INC $ 1,862 VIRTUSA CORP $ 2,636 VISA INC CLASS A SHARES COMMON STOCK USD.0001 $ 2,362 VISHAY INTERTECHNOLOGY INC $ 5,427 VISHAY PRECISION GROUP COMMON STOCK $ 13 VISTA OUTDOOR INC COMMON STOCK USD.01 $ 4,071 VISTEON CORP COMMON STOCK $ 6,007 VITAMIN SHOPPE INC COMMON STOCK USD.01 $ 25,277 VMWARE INC $ 15,912 VOCERA COMMUNICATIONS INC COMMON STOCK USD.0003 $ 4,755 VOLT INFORMATION SCIENCES INC $ 214 VONAGE HOLDINGS CORP COMMON STOCK USD.001 $ 37,722 VORNADO REALTY TRUST REIT USD.04 $ 4,727 VOXX INTERNATIONAL CORP COMMON STOCK USD.01 $ 6,503 VOYA FINANCIAL INC COMMON STOCK USD.01 $ - VOYAGER THERAPEUTICS INC $ 256 VSE CORP $ 1,174 VULCAN MATERIALS CO COMMON STOCK USD1.0 $ 12,366 W&T OFFSHORE INC $ 754 WABASH NATIONAL CORP $ 3,163 WABCO HOLDINGS INC $ 40 WADDELL & REED FINANCIAL INC $ 3,988 WAGEWORKS INC $ 3,039 WAL MART STORES INC COMMON STOCK USD.1 $ 12,530 WALGREENS BOOTS ALLIANCE INC COMMON STOCK USD.01 $ 11,684

64 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) WALKER & DUNLOP INC $ 3,385 WAL-MART STORES INC $ 27,737 WALT DISNEY CO/THE COMMON STOCK USD.01 $ 182,589 WARRIOR MET COAL INC COMMON STOCK USD.01 $ - WASHINGTON FEDERAL INC $ 5,898 WASHINGTON PRIME GROUP INC $ 2,889 WASHINGTON REAL ESTATE INVESTMENT TRUST $ 5,048 WASHINGTON TRUST BANCORP COMMON STOCK USD.0625 $ 35,784 WASTE CONNECTIONS INC COMMON STOCK $ 12,198 WASTE MANAGEMENT INC COMMON STOCK USD.01 $ 10,966 WATERS CORP COMMON STOCK USD.01 $ 5,590 WATERSTONE FINANCIAL INC $ 1,172 WATSCO INC COMMON STOCK USD.5 $ 46,750 WATTS WATER TECHNOLOGIES INC $ 4,401 WAYFAIR INC $ 7,681 WD-40 CO $ 3,049 WEATHERFORD INTERNATIONAL PL COMMON STOCK USD.001 $ - WEB.COM GROUP INC $ 2,174 WEBSTER FINANCIAL CORP $ 11,026 WEC ENERGY GROUP INC COMMON STOCK USD.01 $ 13,849 WEIGHT WATCHERS INTL INC COMMON STOCK $ 4,910 WEINGARTEN REALTY INVESTORS REIT USD.03 $ 2,473 WEIS MARKETS INC $ 2,287 WELBILT INC $ 6,694 WELLCARE HEALTH PLANS INC COMMON STOCK USD.01 $ 10,569 WELLS FARGO + CO COMMON STOCK USD1.666 $ 5,870 WELLTOWER INC REIT USD1.0 $ 7,149 WENDY S CO/THE COMMON STOCK USD.1 $ 3,183 WERNER ENTERPRISES INC $ 5,803 WESBANCO INC $ 3,761 WESCO AIRCRAFT HOLDINGS INC $ 1,650 WESCO INTERNATIONAL INC COMMON STOCK USD.01 $ 1,759 WEST BANCORPORATION INC $ 939 WEST PHARMACEUTICAL SERVICES COMMON STOCK USD.25 $ 58,318 WESTAMERICA BANCORPORATION $ 3,032 WESTAR ENERGY INC COMMON STOCK USD5.0 $ 16,868 WESTERN ALLIANCE BANCORP $ 11,684 WESTERN DIGITAL CORP COMMON STOCK USD.01 $ 21,939 WESTERN NEW ENGLAND BANCORP IN $ 937 WESTERN UNION CO COMMON STOCK USD.01 $ 24,120 WESTLAKE CHEMICAL CORP COMMON STOCK USD.01 $ 3,289 WESTMORELAND COAL CO COMMON STOCK USD2.5 $ 3,710 WESTPORT FUEL SYSTEMS INC COMMON STOCK $ 9,022 WESTROCK CO COMMON STOCK $ 6,553 WESTWOOD HOLDINGS GROUP INC $ 997 WEX INC $ 12,238 WEYCO GROUP INC $ 520 WEYERHAEUSER CO REIT USD1.25 $ 21,639 WGL HOLDINGS INC $ 7,978

65 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) WHEATON PRECIOUS METALS CORP COMMON STOCK $ 4,408 WHIRLPOOL CORP COMMON STOCK USD1.0 $ 11,204 WHITE MOUNTAINS INSURANCE GROUP LTD $ 7,872 WHITEHORSE FINANCE INC COMMON STOCK USD.001 $ - WHITESTONE REIT REIT USD.001 $ 846 WHITING PETROLEUM CORP COMMON STOCK USD.001 $ 6,548 WILEY (JOHN) + SONS CLASS A COMMON STOCK USD1.0 $ 1,607 WILLBROS GROUP INC $ 125 WILLDAN GROUP INC $ 372 WILLIAM LYON HOMES $ 1,987 WILLIAMS COS INC COMMON STOCK USD1.0 $ 7,083 WILLIAMS-SONOMA INC $ 8,437 WILLIS TOWERS WATSON PLC COMMON STOCK USD.000304635 $ 956 WINDSTREAM HOLDINGS INC COMMON STOCK USD.0001 $ 6,287 WINGSTOP INC COMMON STOCK USD.01 $ 5,880 WINMARK CORP $ 962 WINNEBAGO INDUSTRIES COMMON STOCK USD.5 $ 13 WINTRUST FINANCIAL CORP $ 9,910 WISDOMTREE INVESTMENTS INC $ 2,821 WIX.COM LTD COMMON STOCK ILS.01 $ 3,578 WOLVERINE WORLD WIDE INC $ 6,363 WOODWARD INC COMMON STOCK USD.00292 $ 1,004 WORKDAY INC CLASS A COMMON STOCK USD.001 $ 13 WORKIVA INC COMMON STOCK USD.001 $ 13 WORLD ACCEPTANCE CORP $ 1,306 WORLD FUEL SERVICES CORP COMMON STOCK USD.01 $ 6,859 WORLD WRESTLING ENTERTAINMENT INC $ 1,903 WORTHINGTON INDUSTRIES INC $ 5,252 WP CAREY INC REIT USD.001 $ 83,825 WPX ENERGY INC $ 11,982 WR BERKLEY CORP COMMON STOCK USD.2 $ 10,446 WR GRACE + CO COMMON STOCK USD.01 $ 15,239 WSFS FINANCIAL CORP $ 3,215 WW GRAINGER INC COMMON STOCK USD.5 $ 8,836 WYNDHAM WORLDWIDE CORP COMMON STOCK USD.01 $ 4,913 WYNN RESORTS LTD COMMON STOCK USD.01 $ 366 XCEL ENERGY INC $ 26 XCEL ENERGY INC COMMON STOCK USD2.5 $ 3,803 XCERRA CORP COMMON STOCK USD.05 $ 1,045 XENCOR INC $ 1,501 XENIA HOTELS + RESORTS INC REIT USD.01 $ 32,721 XERIUM TECHNOLOGIES INC $ 199 XEROX CORP COMMON STOCK USD1.0 $ 19,137 XILINX INC COMMON STOCK USD.01 $ 6,804 XL GROUP LTD COMMON STOCK $ 23,778 XO GROUP INC COMMON STOCK USD.01 $ 2,848 XOMA CORP COMMON STOCK USD.0005 $ 6,492 XPERI CORP COMMON STOCK USD.001 $ 11,146 XPO LOGISTICS INC $ 41,906

66 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) XYLEM INC COMMON STOCK $ 7,648 YAMANA GOLD INC COMMON STOCK $ 2,742 YANDEX NV A COMMON STOCK EUR.01 $ 6,642 YELP INC COMMON STOCK USD.000001 $ 8,594 YORK WATER CO $ 1,028 YRC WORLDWIDE INC COMMON STOCK USD1.0 $ 13 YUM BRANDS INC COMMON STOCK $ 33,226 YUM CHINA HOLDINGS INC COMMON STOCK USD.01 $ 487 YUME INC COMMON STOCK USD.001 $ 8,505 ZAFGEN INC $ 36 ZAGG INC $ 1,993 ZAYO GROUP HOLDINGS INC COMMON STOCK USD.001 $ 7,247 ZEBRA TECHNOLOGIES CORP $ 11,226 ZEDGE INC - CL B $ 44 ZENDESK INC COMMON STOCK USD.01 $ 67,965 GROUP INC A COMMON STOCK USD.0001 $ 66,126 ZIMMER BIOMET HOLDINGS INC COMMON STOCK USD.01 $ 15,578 ZIONS BANCORPORATION COMMON STOCK $ 100,416 ZIX CORP COMMON STOCK USD.01 $ 13 ZOETIS INC COMMON STOCK USD.01 $ 10,110 ZOGENIX INC $ 1,471 ZUMIEZ INC $ 1,256 ZYNGA INC CL A COMMON STOCK USD.00000625 $ 2,341

International Holdings 13 HOLDINGS LTD/THE $ 79 4IMPRINT GROUP PLC $ 927 77 BANK LTD/THE $ 3,208 888 HOLDINGS PLC $ 1,837 A P MOLLER - MAERSK S/A B $ 88,214 A.C.N. 004 410 833 LTD $ 70 A.G. BARR PLC $ 2,062 A2 MILK CO LTD $ 6,688 A2A SPA $ 6,145 AA PLC $ 2,483 AAK AB $ 3,242 AALBERTS INDUSTRIES NV $ 10,712 AAREAL BANK AG $ 5,160 ABACUS PROPERTY GROUP $ 2,069 ABB LTD $ 12 ABC ARBITRAGE $ 686 ABG SUNDAL COLLIER HOLDING ASA $ 398 ABLYNX NV $ 3,399 ABN AMRO GROUP NV $ 30,903 ACACIA MINING PLC $ 740 ACANDO AB $ 530 ACCELL GROUP $ 1,423 ACCENT GROUP LTD $ 573 ACCESS CO LTD $ 1,224

67 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) ACCIONA SA $ 5,102 ACCOR SA $ 64,610 ACCORDIA GOLD TRUST $ 402 ACEA SPA $ 2,213 ACERINOX SA $ 4,631 ACHILLES CORP/ $ 594 ACKERMANS & VAN HAAREN NV $ 8,652 ADASTRIA CO LTD $ 995 ADDLIFE AB $ 763 ADDTECH AB $ 2,571 ADEKA CORP $ 3,154 ADELAIDE BRIGHTON LTD $ 3,957 ADLER REAL ESTATE AG $ 897 ADO GROUP LTD $ 908 ADO PROPERTIES SA $ 2,483 ADVA AG OPTICAL NETWORKING $ 506 ADVAN CO LTD $ 543 ADVANCED SEMICONDUCTOR ENGINEERING $ 69,795 AEDAS HOMES SL $ 29,434 AEDIFICA $ 3,529 AEON DELIGHT CO LTD $ 1,616 AEON FANTASY CO LTD $ 764 AEON FINANCIAL SERVICE CO LTD $ 40,637 AEON HOKKAIDO CORP $ 480 AEON REIT INVESTMENT CORP $ 2,908 AERIA INC $ 340 AF AB - B SHARES $ 2,545 AF GRUPPEN ASA $ 509 AFFICHAGE HOLDING SA $ 1,150 AFFINE SA $ 370 AFREN PLC $ - AFRICA ISRAEL PROPERTIES LTD $ 621 AGFA-GEVAERT NV $ 1,899 AGGREKO PLC $ 5,754 AGL ENERGY LTD $ 118,379 AGRANA BETEILIGUNGS AG $ 774 AGRITRADE RESOURCES LTD $ 917 AGRO-KANESHO CO LTD $ 714 AHLSTROM-MUNKSJO OYJ $ 1,917 AHRESTY CORP $ 261 AI HOLDINGS CORP $ 1,613 AIA GROUP $ 349,349 AIA GROUP LTD $ 131,750 AIB GROUP PLC $ 25,938 AICA KOGYO CO LTD $ 3,204 AICHI BANK LTD/THE $ 819 AICHI CORP $ 797 AICHI STEEL CORP $ 950 AICHI TOKEI DENKI CO LTD $ 342

68 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) AIDA ENGINEERING LTD $ 1,371 AIMS AMP CAPITAL INDUSTRIAL RE $ 576 AIN PHARMACIEZ INC $ 2,581 AINSWORTH GAME TECHNOLOGY LTD $ 493 AIPHONE CO LTD $ 563 AIR -KLM $ 6,020 AIR NEW ZEALAND LTD $ 1,298 AIRPORT CITY LTD $ 1,494 AIRPORT FACILITIES CO LTD $ 404 AISAN INDUSTRY CO LTD $ 1,138 AIXTRON SE NA $ 3,670 AIZAWA SECURITIES CO LTD $ 641 AJIS CO LTD $ 507 AKATSUKI INC $ 508 AKBANK TURK $ 46,081 AKEBONO BRAKE INDUSTRY CO LTD $ 530 AKER SOLUTIONS ASA $ 484 AKER SOLUTIONS HOLDING ASA $ 1,392 AKITA BANK LTD/THE $ 1,070 AKKA TECHNOLOGIES SA $ 1,011 AKTIA BANK OYJ $ 380 ALBIOMA $ 1,065 ALBIS CO LTD $ 542 ALCONIX CORP $ 816 ALDERMORE GROUP PLC $ 1,141 ALE PROPERTY GROUP $ 785 ALFA LAVAL AB $ 113,211 ALIBABA GROUP HOLDING $ 919,172 ALIMAK GROUP AB $ 880 ALINCO INC $ 526 ALK-ABELLO A/S $ 1,566 ALLGEIER SE $ 364 ALLGEMEINE BAUGESELLSCHAFT PORR AG $ 566 ALLIANZ SE (REGD) $ 131,158 ALLIED GROUP LTD $ 502 ALLIED PROPERTIES HK LTD $ 576 ALLOT COMMUNICATIONS LTD $ 113 ALLREAL HOLDING AG $ 4,501 ALM BRAND A/S $ 2,208 ALMA MEDIA OYJ $ 409 ALMIRALL SA $ 1,394 ALONY HETZ PROPERTIES & INVESTMENTS LTD $ 1,459 ALPEN CO LTD $ 1,069 ALPHA BANK $ 69,187 ALPHA CORP/JAPAN $ 270 ALPHA SYSTEMS INC $ 235 ALPINE ELECTRONICS INC $ 1,963 ALPIQ HOLDING AG $ 454 ALPS LOGISTICS CO LTD $ 411

69 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) ALROV PROPERTIES AND LODGINGS LTD $ 859 ALS LTD $ 5,451 ALSO HOLDING AG $ 1,509 ALSTOM (NEW) $ 87,416 ALSTRIA OFFICE REIT-AG $ 4,085 ALTAMIR $ 1,270 ALTAREA $ 1,639 ALTECH CORP $ 595 ALTEN LTD $ 4,175 ALTIUM LTD $ 2,132 ALTRAN TECHNOLOGIES SA $ 4,178 ALTRI SGPS SA $ 1,273 AMA GROUP LIMITED $ 1,100 AMADEUS FIRE AG $ 1,143 AMADEUS IT GROUP SA $ 155,100 AMANO CORP $ 3,268 AMAYSIM LTD $ 903 AMBU A/S $ 4,833 AMER SPORTS OYJ $ 7,306 AMERICAN SHIPPING COMPANY AS $ 259 AMG ADVANCED METALLURGICAL GROUP NV $ 2,230 AMIYAKI TEI CO LTD $ 611 AMOREPACIFIC $ 118,592 AMOT INVESTMENTS LTD $ 877 AMP NZ OFFICE LTD $ 1,344 AMPER SA $ 422 AMPLIFON SPA $ 2,629 AMS AG $ 12,019 AMSTERDAM COMMODITIES NV $ 1,348 AMUSE INC $ 490 ANDRITZ AG $ 5,527 ANEST IWATA CORP $ 966 ANGLO PACIFIC GROUP PLC $ 586 ANGLO-EASTERN PLANTATIONS $ 194 ANHEUSER-BUSCH INBEV SA/NV $ 296,770 ANHUI CONCH CEMENT $ 121,492 ANICOME HOLDINGS INC $ 1,183 ANIMA HOLDING SPA $ 3,777 ANSALDO STS SPA $ 1,363 ANSELL LTD $ 5,680 ANTALIS INTERNATIONAL SAS $ 21 AOI ELECTRONIC CO LTD $ 777 AOKI HOLDINGS INC $ 1,553 AOMORI BANK LTD/THE $ 1,370 AOYAMA TRADING CO LTD $ 3,149 AOZORA BANK LTD $ 1,743 AP EAGERS LTD $ 1,046 APAC RESOURCES LTD $ 73 APERAM $ 5,907

70 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) APN OUTDOOR GROUP LTD $ 1,044 APPEN LTD $ 584 APPLIED DEVELOPMENT HOLDING LTD $ 285 APPLUS SERVICES SA $ 3,236 APRIL $ 314 APT SATELLITE HOLDINGS LTD $ 459 ARAKAWA CHEMICAL INDUSTRIES LTD $ 1,022 ARATA CORP $ 1,058 ARB CORP LTD $ 1,848 ARBONIA AG $ 841 ARC LAND SAKAMOTO CO LTD $ 839 ARCADIS NV $ 3,577 ARCH CAPITAL GROUP LTD $ 66,751 ARCHER $ 260 ARCLAND SERVICE HOLDINGS CO LTD $ 1,023 ARCS CO LTD $ 1,508 ARDENT LEISURE GROUP $ 1,653 AREALINK CO LTD $ 319 ARENA REIT $ 1,382 ARGAN $ 657 ARGENX SE $ 928 ARGO GRAPHICS INC $ 523 ARGOSY PROPERTY LTD $ 639 ARISAWA MANUFACTURING CO LTD $ 897 ARKEMA $ 57,045 ARNOLDO MONDADORI EDITORE SPA $ 695 ARROW GLOBAL GROUP PLC $ 1,658 ARTNATURE INC $ 195 ARYZTA AG $ 7,109 AS ONE CORP $ 1,891 ASAHI CO LTD $ 503 ASAHI DIAMOND INDUSTRIAL CO LTD $ 1,305 ASAHI CO LTD $ 89,020 ASAHI GROUP HOLDINGS LTD $ 56,120 ASAHI HOLDINGS INC $ 1,175 ASAHI KOGYOSHA CO LTD $ 338 ASAHI YUKIZAI CORP $ 723 ASALEO CARE LTD $ 1,021 ASANUMA CORP $ 547 ASCENCIO $ 634 ASCENDAS HOSPITALITY TRUST $ 819 ASCENDAS TRUST $ 831 ASCENDAS REAL ESTATE INVESTMEN $ 52,449 PLC $ 1,276 ASCOM HOLDING AG $ 1,963 ASCOPIAVE SPA $ 737 ASCOTT RESIDENCE TRUST $ 1,769 ASHIMORI INDUSTRY CO LTD $ 284 ASHMORE GROUP PLC $ 4,238

71 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) ASIA FINANCIAL HOLDINGS LTD $ 369 ASIA PILE HOLDINGS CORP $ 416 ASIA SATELLITE TELECOMMUNICATIONS HOLDINGS LTD $ 166 ASIA STANDARD INTERNATIONAL GROUP $ 264 ASKA PHARMACEUTICAL CO LTD $ 609 ASKUL CORP $ 1,162 ASM INTERNATIONAL NV $ 7,342 ASM PACIFIC TECHNOLOGY LTD $ 190,024 ASML HOLDING NV $ 75,130 ASPEN GROUP $ 40 ASPO OYJ $ 463 ASR NEDERLAND NV $ 7,338 ASSOCIATED INTERNATIONAL HOTELS LTD $ 407 $ 3,607 ASSYSTEM $ 896 ASTALDI SPA $ 321 ASTRAZENECA PLC (UK) $ 255,159 ASTREMEDIA CORP DE MEDI $ 1,604 ASTRO JAPAN PROPERTY GROUP $ 5 ASUKANET CO LTD $ 349 ASUNARO AOKI CONSTRUCTION CO LTD $ 446 ATEA ASA $ 2,006 ATEAM INC $ 727 ATENOR GROUP $ 493 ATLAS IRON LTD $ 841 ATOM CORP $ 1,256 ATRIA PLC $ 346 ATRIUM EUROPEAN REAL ESTATE LTD $ 1,351 ATRIUM LJUNGBERG AB $ 1,195 ATSUGI CO LTD $ 472 ATTENDO AB $ 1,846 AUB GROUP LTD $ 1,302 AUBAY $ 652 AUCKLAND INTERNATIONAL AIRPORT $ 26,802 AUDIOCODES LTD $ 307 AURIZON HOLDINGS LTD $ 84,004 AURUBIS AG $ 6,957 AUSDRILL LTD $ 1,256 AUSNET SERVICES $ 38,272 AUSTAL LTD $ 953 AUSTRALIA & NZ BANKING GRP $ 183,609 AUSTRALIAN AGRICULTURAL CO LTD $ 848 AUSTRALIAN FINANCE GROUP LTD $ 470 AUSTRALIAN PHARMACEUTICAL INDUSTRIES LTD $ 1,069 AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AG $ 1,503 AUTO ITALIA HOLDINGS LTD $ 101 AUTO TRADER GROUP PLC $ 48,811 AUTOBACS SEVEN CO LTD $ 2,900 AUTOGRILL SPA $ 3,394

72 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) AUTOMOTIVE HOLDINGS GROUP $ 1,319 AUTONEUM HOLDING AG $ 1,518 AVANCE GAS HOLDING LTD $ 504 AVANZA BANK HOLDING AB $ 2,106 AVEO GROUP $ 1,368 AVEVA GROUP PLC $ 4,275 AVEX INC $ 1,074 AVI $ 52,708 AVON RUBBER PLC $ 807 AWA BANK LTD/THE $ 2,201 AWE LTD $ 927 AXACTOR $ 576 AXEL SPRINGER SE $ 4,510 AXIAL RETAILING INC $ 974 AXIARE PATRIMONIO SOCIMI SA $ 2,893 AXWAY SOFTWARE SA $ 596 AZIMUT HOLDING SPA $ 3,927 B&M EUROPEAN VALUE RETAIL SA $ 8,598 B2 HOLDING ASA $ 311 BABCOCK INTERNATIONAL GROUP PLC $ 2,015 BACHEM HOLDING AG $ 515 BAE SYSTEMS PLC $ 128,395 BAKKAFROST P F $ 1,844 BALFOUR BEATTY PLC $ 5,160 BANCA CARIGE SPA $ 466 BANCA GENERALI SPA $ 3,690 BANCA IFIS SPA $ 2,532 BANCA MEDIOLANUM SPA $ 5,025 BANCA MONTE DEI PASCHI SIENA $ 39 BANCA POPOLARE DI SONDRIO SCARL $ 3,654 BANCA SISTEMA SPA $ 252 BANCO BPM SPA $ 9,916 BANCO BRADESCO $ 225,105 BANCO COMERCIAL PORTUGUES $ 6,907 BANCO DI DESIO E DELLA BRIANZA SPA $ 230 BANCO SANTANDER CHILE $ 51,363 BANDO CHEMICAL INDUSTRIES LTD $ 1,013 BANG & OLUFSEN A/S $ 1,804 BANGKOK BANK $ 47,944 BANK CLER AG $ 259 BANK OF CHINA LTD $ 137,278 BANK OF GEORGIA HOLDINGS PLC $ 3,815 BANK OF IWATE LTD/THE $ 1,632 BANK OF NAGOYA LTD/THE $ 588 BANK OF OKINAWA LTD/THE $ 1,896 BANK OF SAGA LTD/THE $ 591 BANK OF THE RYUKYUS LTD $ 971 BANK PEKAO $ 237,502 BANKINTER SA $ 119,167

73 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) BANQUE CANTONALE DE GENEV-BR $ 495 BANQUE CANTONALE VAUDOISE $ 3,210 BANQUE NATIONALE DE BELGIQUE $ 1,334 BAPCOR LTD $ 2,500 BARCLAYS AFRICA GROUP $ 145,397 BARCO NV $ 2,420 BARON DE LEY $ 929 BARRY CALLEBAUT AG $ 7,402 BASE RESOURCES LTD $ 426 BASE RESOURCES LTD RIGHT 12/21/17 $ 2 BASF SE $ 168,020 BASIC-FIT NV $ 980 BASICNET SPA $ 327 BASLER AG $ 640 BASTIDE LE CONFORT MEDICAL $ 302 BASWARE OYJ $ 1,218 BAUER AG $ 993 BAVARIAN NORDIC A/S $ 1,967 BAYSIDE LAND CORP $ 1,250 BAYWA AG $ 962 BBA AVIATION PLC $ 9,228 BBVA BANCO FRANCES $ 103,937 BE SEMICONDUCTOR INDUSTRIES NV $ 7,356 BEACH ENERGY LTD $ 3,939 BEADELL RESOURCES LTD $ 212 BEAZLEY PLC/UK $ 7,594 BECHTLE AG $ 4,197 BEFIMMO SCA SICAFI $ 2,955 BEGA CHEESE LTD $ 2,354 BEIJER ALMA AB $ 1,079 BEIJER REF AB SER'B'NPV $ 2,310 BEIJING GAS BLUE SKY HOLDINGS LTD $ 451 BEKAERT SA $ 2,375 BELC CO LTD $ 1,300 BELIMO HOLDING AG $ 5,383 BELL AG CHF5 $ 1,038 BELLAMY'S AUSTRALIA LTD $ 1,483 BELLEVUE GROUP AG $ 359 BELLSYSTEM24 HOLDINGS INC $ 1,032 BELLUNA CO LTD $ 1,593 PLC $ 11,413 BENEFIT ONE INC $ 1,265 BENESSE HOLDINGS INC $ 31,302 BENETEAU SA $ 1,740 BENI STABILI SPA $ 1,892 BERGMAN & BEVING AKTIEBOLAG-B $ 377 BERNER KANTONALBANK AG $ 1,791 BERTRANDT AG $ 1,347 BEST WORLD INTERNATIONAL LTD $ 438

74 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) BETER BED HOLDING NV $ 596 BETSSON AB $ 1,384 BHP BILLITON LTD $ 152,587 BHP BILLITON PLC $ 186,665 BIC CAMERA INC $ 3,050 BIESSE SPA $ 1,400 BIG SHOPPING CENTERS 2004 LTD $ 664 PLC $ 3,800 BIGBEN INTERACTIVE $ 380 BIJOU BRIGITTE MODISCHE ACCESSORIES AG $ 779 BILFINGER BERGER SE $ 3,000 BILIA AB-A SHS $ 1,371 BILLABONG INTERNATIONAL LTD $ 249 BINCKBANK NV $ 823 BIOCARTIS NV $ 677 BIOFERMIN PHARMACEUTICAL CO $ 398 BIOGAIA AB $ 1,271 BIOTEST AG - INTERIM $ 1,168 BIOTEST AG-TENDERED ACCEPTANCE $ 402 BKW AG $ 1,474 BLACKMORES LTD $ 3,449 PLC $ 131 BLUE SKY ALTERNATIVE INVESTMENTS LTD $ 940 BLUE SQUARE REAL ESTATE LTD $ 278 BML INC $ 1,397 BOBST GROUP AG $ 2,921 BOC HONG KONG HOLDINGS LTD $ 129,193 BODYCOTE PLC $ 4,645 BOE VARITRONIX LTD $ 555 BOIRON SA $ 1,129 BOLSAS Y MERCADOS ESPANOLES SA $ 4,771 BONAVA AB $ 1,895 BONDUELLE S.C.A. $ 1,697 BONHEUR ASA $ 211 BONJOUR HOLDINGS LTD $ 167 BOOKER GROUP PLC $ 9,587 BOOT HENRY PLC $ 452 BORREGAARD ASA $ 1,500 BORUSSIA DORTMUND GMBH & CO KGAA $ 951 BOSSARD HOLDING AG $ 2,474 BOURBON CORP $ 213 BOUSTEAD SINGAPORE LTD $ 427 BOUSTED PROJECTS PTE LTD $ 128 BOUYGUES ORD $ 65,894 BOVIS HOMES GROUP PLC $ 4,788 BP CASTROL KK $ 555 BP PLC $ 357,032 BPER BANCA $ 5,126 BPOST SA $ 6,031

75 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) BRACK CAPITAL PROPERTIES NV $ 876 BRAEMAR SHIPPING SERVICES PLC $ 11 BRAVIDA HOLDING AB $ 1,169 BREADTALK GROUP LTD $ 384 BREMBO SPA $ 4,008 BREVILLE GROUP LTD $ 1,740 BREWIN DOLPHIN HOLDINGS PLC $ 3,022 BRICKWORKS LTD $ 1,661 BRIDGESTONE CORP $ 119,936 BRIGHT SMART SECURITIES & COMMODITIES GR $ 356 BRIGHTOIL PETROLEUM HOLDINGS LTD $ 1,373 BRISCOE GROUP LTD $ 195 BRITISH AMERICAN TOBACCO PLC $ 360,993 BRITVIC PLC $ 5,464 BROADLEAF CO LTD $ 562 BROCKMAN MINING LTD $ 45 BRODRENE HARTMANN A/S $ 330 BRONCO BILLY CO LTD $ 322 BROTHER INDUSTRIES LTD $ 2,189 BRUNEL INTERNATIONAL NV $ 779 BRUNELLO CUCINELLI SPA $ 2,048 BT GROUP PLC $ 45,821 BT INVESTMENT MANAGEMENT LTD $ 3,421 BTG PLC $ 6,332 BUCHER INDUSTRIES AG $ 4,903 BUFAB AB $ 548 BUKIT SEMBAWANG ESTATES LTD $ 1,517 BULTEN AB $ 763 BUNKA SHUTTER CO LTD $ 1,038 BUNZL PLC $ 47,103 BURCKHARDT COMPRESSION HOLDING AG $ 1,771 BURE EQUITY AB $ 1,293 BURELLE SA $ 954 BURKHALTER HOLDING AG $ 841 BURWILL HOLDINGS LTD $ 293 BUWOG AG $ 7,282 BUZZI UNICEM SPA $ 3,926 BW LPG LIMITED $ 712 BW OFFSHORE LTD $ 811 BWP TRUST $ 2,561 BWX LIMITED $ 753 BYGGMAX GROUP AB $ 723 C UYEMURA & CO LTD $ 823 C&C GROUP PLC $ 1,439 CA IMMOBILIEN ANLAGEN AG $ 4,096 CABCHARGE AUSTRALIA LTD $ 480 CAC HOLDINGS CORP $ 386 CACHE LOGISTICS TRUST $ 1,157 CAFE DE CORAL HOLDINGS LTD $ 1,660

76 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) CAIRN ENERGY PLC $ 3,787 CAIRO COMMUNICATION SPA $ 776 CAIXABANK SA $ 55,331 CALIDA HOLDING AG $ 423 CAMBIAN GROUP PLC $ 350 CAMSING INTERNATIONAL HOLDING LTD $ 328 CAN DO CO LTD $ 312 CANCOM SE $ 2,429 CANON ELECTRONICS INC $ 990 CANON INC $ 148,027 CAPCOM CO LTD $ 3,143 CAPGEMINI SA (FF40) $ 101,413 CAPIO AB $ 707 CAPITA GROUP PLC/THE $ 6,329 CAPITAL & COUNTIES PROPERTIES PLC $ 6,020 CAPITAL & REGIONAL PLC $ 672 CAPITALAND COMMERCIAL TRUST $ 149,440 CAPITALAND MALL TRUST $ 99,323 CAPITALAND RETAIL CHINA TRUST MGMT LTD $ 1,111 CAPITOL HEALTH LTD $ 288 CARASSO MOTORS LTD $ 229 CARCLO PLC $ 475 CARD FACTORY PLC $ 2,317 CARDNO LTD $ 433 CARE PROPERTY INVEST $ 509 CARGOTEC OYJ $ 4,553 CARILLION PLC $ 223 CARL ZEISS MEDITEC AG $ 3,456 CARLIT HOLDINGS CO LTD $ 473 CARNARVON PETROLEUM LTD $ 50 CARNIVAL PLC $ 13,091 CARNIVAL PLC $ 52,829 CARPETRIGHT PLC $ 126 CARRARO SPA $ 473 CARR'S GROUP PLC $ 278 CARSALES.COM LTD $ 4,759 CASH CONVERTERS INTERNATIONAL LTD $ 227 CASINO GUICHARD PERRACHON SA $ 5,481 CASTINGS PLC $ 215 CATENA AB $ 277 CATHAY FINANCIAL HOLDING $ 256,039 CAVERION CORP $ 1,221 CAWACHI LTD $ 959 CCR $ 132,940 CDL HOSPITALITY TRUSTS $ 1,643 CECONOMY AG $ 4,067 CEDAR WOODS PROPERTIES LTD $ 726 CEGEDIM SA $ 479 ISRAEL LTD $ 974

77 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) CELLNEX TELECOM S.A.U. $ 6,615 CELYAD $ 473 CEMBRA MONEY BANK AG $ 4,682 CEMENTIR HOLDING SPA $ 965 CEMEX $ 83,416 CENIT AG $ 532 CENTAMIN PLC $ 4,300 CENTRAL AUTOMOTIVE PRODUCTS LTD $ 419 CENTRAL GLASS CO LTD $ 1,739 CENTRAL SECURITY PATROLS CO LTD $ 703 CENTRAL SPORTS CO LTD $ 672 CENTROTEC SUSTAINABLE AG $ 547 CENTURIA INDUSTRIAL REIT $ 867 CENTURIA METROPOLITAN REIT $ 894 CENTURY CITY INTERNATIONAL HOLDINGS LTD $ 482 CERVED INFORMATION SOLUTIONS SPA $ 4,920 CEWE STIFTUNG & CO KGAA $ 1,141 CGG SA $ 176 CHALLENGER LTD $ 110,946 CHAMPION TECHNOLOGY HOLDINGS LTD $ 97 CHARGEURS SA $ 1,472 CHARLES STANLEY GROUP PLC $ 154 CHARTER HALL GROUP $ 4,213 CHARTER HALL LONG $ 581 CHARTER HALL OFFICE REIT $ 131 CHARTER HALL RETAIL REIT $ 2,219 CHEMRING GROUP PLC $ 1,487 CHESNARA PLC $ 1,527 CHEUK NANG HOLDINGS LTD $ 133 CHEVALIER INTERNATIONAL HOLDINGS LTD $ 231 CHIBA KOGYO BANK LTD/THE $ 515 CHILLED & FROZEN LOGISTICS HOLDGS CO LTD $ 315 CHINA AVIATION OIL SINGAPORE CORP LTD $ 736 CHINA CONSTRUCTION BANK $ 543,283 CHINA ENERGY DEVELOPMENT HOLDINGS LTD $ 320 CHINA EVER GRAND FIN LEASING GRP CO LTD $ 99 CHINA LNG GROUP LTD $ 297 CHINA MENGNIU DAIRY $ 180,588 CHINA MOBILE $ 64,089 CHINA MOTOR BUS CO LTD $ 614 CHINA PACIFIC INSURANCE GROUP $ 316,067 CHINA PETROLEUM & CHEMICAL $ 292,881 CHINA RESOURCES BEER HOLDINGS $ 115,125 CHINA SOFT POWER TECHNOLOGIES HOLD LTD $ 16 CHINA STAR ENTERTAINMENT LTD $ 66 CHINA STRATEGIC HOLDINGS LTD $ 355 CHINA UNICOM HONG KONG $ 117,934 CHINESE ESTATES HOLDINGS LTD $ 1,668 CHIP ENG SENG CORP LTD $ 723

78 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) CHIYODA CO LTD $ 1,044 CHIYODA CORP $ 2,271 CHIYODA INTEGRE CO LTD $ 577 CHOCOLADEFABRIKEN LINDT & SPRU $ 67,339 CHOFU SEISAKUSHO CO LTD $ 897 CHONG HING BANK LTD $ 928 CHORI CO LTD $ 561 CHORUS LTD $ 2,364 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD $ 1,251 CHUAN HUP HOLDINGS LTD $ 114 CHUANG'S CONSORTIUM INTERNATIONAL LTD $ 298 CHUBU SHIRYO CO LTD $ 1,150 CHUDENKO CORP $ 1,759 CHUETSU PULP & PAPER CO LTD $ 234 CHUGAI PHARMACEUTICAL CO LTD $ 63,775 CHUGAI RO CO LTD $ 474 CHUGOKU MARINE PAINTS LTD $ 1,082 CHUKYO BANK LTD/THE $ 491 CI:Z HOLDINGS CO LTD $ 2,313 CIA DE DISTRIBUCION INTEGRAL $ 1,657 CIE AUTOMOTIVE SA $ 3,484 CIE D'ENTREPRISES CFE $ 2,396 CIE FINANCIERE TRADITION SA $ 294 CIE IMMOBILIERE DE BELGIQUE SA $ 458 CINEWORLD GROUP PLC $ 3,099 CIRCASSIA PHARMACEUTICALS PLC $ 550 CIR-COMPAGNIE INDUSTRIALI RIUNITE SPA $ 936 CITIC ENVIROTECH LTD $ 634 CITIC TELECOM INTERNATIONAL HOLDINGS LTD $ 896 CITIZEN HOLDINGS CO LTD $ 3,734 CITY DEVELOPMENTS LTD $ 10,363 CITYCON OYJ $ 2,659 CJ CGV $ 59,100 CK ASSET HOLDINGS LTD $ 106,568 CK HUTCHISON HOLDINGS LTD $ 143,167 CK INFRASTRUCTURE HOLDINGS LTD $ 19,050 CK INFRASTRUCTURE HOLDINGS LTD $ 61,646 CK LIFE SCIENCES INTERNATIONAL HOLDINGS INC $ 661 CKD CORP $ 2,421 CLAL INSURANCE ENTERPRISES HOLDINGS LTD $ 763 CLARION CO LTD $ 962 CLARKSON PLC $ 1,987 CLAS OHLSON AB $ 882 CLASS LTD $ 478 CLEANAWAY WASTE MANAGEMENT LTD $ 5,521 CLEANUP CORP $ 238 CLOETTA AB $ 1,877 CLOSE BROTHERS GROUP PLC $ 5,387 CLP HOLDINGS LTD $ 285,781

79 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) CLS HOLDINGS PLC $ 1,405 CMC MARKETS PLC $ 202 CMIC CO LTD $ 579 CMK CORP/JAPAN $ 898 CNH INDUSTRIAL NV(IT) $ 66,890 CNOOC $ 208,543 CNQC INTERNATIONAL HOLDINGS LTD $ 319 COBHAM PLC $ 7,743 COCA COLA BOTTLERS JAPAN HOLDI $ 33,362 COCA-COLA AMATIL LTD $ 86,651 COCA-COLA EUROPEAN PARTNER PLC $ 38,394 COCA-COLA EUROPEAN PARTNERS PL $ 4,053 COCHLEAR LTD $ 60,412 COCOKARA FINE INC $ 2,366 CODAN LTD/AUSTRALIA $ 267 COFACE SA $ 2,052 COFINIMMO $ 5,334 COIMA RES S.P.A $ 745 COLLECTION HOUSE LTD $ 365 COLLECTOR AB $ 708 COLLINS FOODS LTD $ 814 COLOPL INC $ 1,171 COLOPLAST A/S $ 39 COLOWIDE CO LTD $ 2,314 COLRUYT SA $ 22,708 COLTENE HOLDING AG $ 415 COLUMBUS A/S $ 477 COM HEM HOLDING AB $ 3,823 COMDIRECT BANK AG $ 1,065 COMFORIA RESIDENTIAL REIT INC $ 2,216 COMFORTDELGRO CORP LTD $ 5,120 COMMERCIAL INTERNATIONAL BANK $ 90,730 COMMON SPLENDOR INTERNATIONAL HEALTH IND $ 279 COMMONWEALTH BK OF AUSTRALIA $ 45,569 COMMUNISIS PLC $ 406 COMPAGNIE DES ALPES $ 764 COMPUGEN LTD $ 258 COMPUGROUP MEDICAL SE $ 3,171 COMPUTACENTER PLC $ 1,653 COMPUTER ENGINEERING & CONSULTING LTD $ 785 COMPUTER INSTITUTE OF JAPAN LTD $ 416 COMTURE CORP $ 443 CONCENTRIC AB $ 1,469 CONEXIO CORP $ 314 CONNECT GROUP PLC $ 806 CONSORT MEDICAL PLC $ 1,726 CONSTANTIN MEDIEN AG $ 356 CONSTR Y AUX DE FERROCARR $ 1,518 CONTACT ENERGY LTD $ 119,532

80 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) CONTACT ENERGY LTD $ 108 CONVOY GLOBAL HOLDINGS LTD $ 302 CONZZETA AG $ 2,341 COOPER ENERGY LTD $ 628 COOR SERVICE MANAGEMENT HOLDING AB $ 52 CORBION NV $ 3,798 CORONA CORP $ 627 CORPORATE TRAVEL MANAGEMENT LTD $ 2,411 COSCO SHIPPING INTL SINGAPORE CO LTD $ 373 COSEL CO LTD $ 1,276 COSMO ENERGY HOLDINGS CO LTD $ 4,962 COSTA GROUP HOLDINGS LTD $ 2,460 COSTAIN GROUP PLC $ 1,519 COTA CO LTD $ 248 PLC $ 2,534 PLC $ 292 COWELL E HOLDINGS INC $ 413 CRAMO OYJ $ 1,704 CRANSWICK PLC $ 4,327 CREATE RESTAURANTS HOLDINGS INC $ 840 CREATE SD HOLDINGS CO LTD $ 1,217 CREDICORP $ 118,128 CREDIT CORP GROUP LTD $ 1,666 CREDIT SUISSE GROUP AG $ 291,567 CREDITO EMILIANO SPA $ 1,596 CREDITO VALTELLINESE SC $ 356 CREEK & RIVER CO LTD $ 469 CRESCO LTD $ 447 CREST NICHOSON HOLDINGS PLC $ 3,337 CRH PLC (IREL) $ 146,832 CROCODILE GARMENTS $ 70 CRODA INTERNATIONAL PLC $ 47,765 CROMWELL PROPERTY GROUP $ 2,397 CROPENERGIES AG $ 464 CROSS-HARBOUR HOLDINGS LTD/THE $ 1,101 CSE GLOBAL LTD $ 324 CSG LTD $ 109 CSI PROPERTIES LTD $ 983 CSL LIMITED $ 132,620 CSL LTD $ 404,847 CSR LTD $ 3,669 CST GROUP LTD $ 330 CTI ENGINEERING CO LTD $ 243 CTS CO LTD $ 284 CTS EVENTIM AG & CO KGAA $ 3,959 CTT CORREIOS DE PORTUGAL $ 808 CUDECO LTD $ 45 CW GROUP HOLDINGS LTD $ 64 CYBG PLC $ 2,734

81 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) CYBOZU INC $ 402 D/S NORDEN $ 1,012 DA CONSORTIUM HOLDINGS INC $ 555 PLC $ 1,369 DAETWYLER HOLDING AG $ 2,589 DAH SING BANKING GROUP LTD $ 1,728 DAH SING FINANCIAL HOLDINGS LTD $ 2,057 DAI NIPPON TORYO CO LTD $ 759 DAIBIRU CORP $ 1,276 DAI-DAN CO LTD $ 809 DAIDO KOGYO CO LTD $ 442 DAIDO METAL CO LTD $ 640 DAIDOH LTD $ 283 DAIHATSU DIESEL MANUFACTURING $ 465 DAIHEN CORP $ 1,836 DAIHO CORP $ 1,073 DAIICHI JITSUGYO CO LTD $ 782 DAIICHI KENSETSU CORP $ 379 DAIICHI KIGENSO KAGAKU-KOGYO CO LTD $ 466 DAI-ICHI LIFE HOLDINGS INC $ 101,054 DAI-ICHI SEIKO CO LTD $ 691 DAIKEN CORP $ 674 DAIKEN MEDICAL CO LTD $ 148 DAIKI ALUMINIUM INDUSTRY CO LTD $ 841 DAIKIN INDUSTRIES LTD $ 105,157 DAIKOKU DENKI CO LTD $ 506 DAIKOKUTENBUSSAN CO LTD $ 383 DAIKYO INC $ 1,464 DAIKYONISHIKAWA CORP $ 803 & GENERAL TRUST PLC $ 4,589 DAINICHISEIKA COLOR & CHEMICALS MANUFACTURING CO LTD $ 1,293 DAIO PAPER CORP $ 2,283 DAIRY CREST GROUP PLC $ 2,032 DAISAN BANK LTD/THE $ 553 DAISEKI CO LTD $ 1,922 DAISHI BANK LTD/THE $ 2,549 DAISHINKU CORP $ 195 DAITO ELECTRON CO LTD $ 446 DAITO PHARMACEUTICAL CO LTD $ 603 DAITO TRUST CONSTRUCTION $ 44,385 DAIWA INDUSTRIES LTD $ 989 DAIWABO HOLDINGS CO LTD $ 1,507 D'AMICO INTERNATIONAL SHIPPING SA $ 172 DANEL ADIR YEOSHUA LTD $ 433 DANIELI & C OFFICINE MECCANICHE SPA $ 672 DANONE SA $ 106,309 DANSKE BK AS $ 169,705 DATA#3 LTD $ 701 DATALOGIC SPA $ 1,469

82 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) DBS GROUP HOLDINGS LTD $ 28,041 DBS GROUP HOLDINGS LTD $ 120,204 DCM HOLDINGS CO LTD $ 1,589 DD HOLDINGS CO LTD $ 550 DE LA RUE PLC $ 1,751 DEA CAPITAL SPA $ 303 DEBENHAMS PLC $ 1,123 DECEUNINCK NV $ 817 PLC $ 4,882 DECMIL GROUP LTD $ 346 DEL MONTE PACIFIC LIMITED $ 95 DELEK AUTOMOTIVE SYSTEMS LTD $ 493 DELEK GROUP LTD $ 272 DELFI LTD $ 431 DE'LONGHI SPA $ 3,230 DELTA-GALIL INDUSTRIES LTD $ 588 DELTICOM AG $ 246 DENKI KOGYO CO LTD $ 733 DENTSU INC $ 66,236 DENYO CO LTD $ 617 DERICHEBOURG SA $ 2,441 DERWENT PLC $ 8,974 DESCENTE LTD $ 1,488 DEUTSCHE BETEILIGUNGS AG $ 1,221 DEUTSCHE EUROSHOP AG $ 3,042 DEUTSCHE LUFTHANSA AG $ 109,638 DEUTSCHE PFANDBRIEFBANK AG $ 3,413 DEUTSCHE POST AG $ 199,766 DEUTSCHE TELEKOM AG (REGD) $ 182,638 DEUTZ AG $ 2,112 DEVELOPMENT SECURITIES PLC $ 771 DEVOTEAM SA $ 951 DEVRO PLC $ 1,165 DEXERIALS CORP $ 892 DFDS A/S $ 3,051 DFS FURNITURE PLC $ 873 DGB FINANCIAL GROUP $ 53,507 DIALIGHT PLC $ 402 DIALOG SEMICONDUCTOR PLC $ 3,485 DIASORIN SPA $ 3,634 DIC ASSET AG $ 921 D'IETEREN SA/NV $ 2,686 DIGITAL ARTS INC $ 777 DIGITAL MULTIMEDIA TECHNOLOGIES SPA $ 1,779 DIGNITY PLC $ 2,194 DINAMIA CAPITAL PRIVADO SOCIEDAD DE CAPITAL RIESGO SA $ 1,139 DIOS FASTIGHETER AB $ 1,244 DIP CORP $ 1,503 DIPLOMA PLC $ 4,395

83 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) DIRECT INSURANCE FINANCIAL INVESTMENTS LTD $ 218 DISCOVERIE GROUP PLC $ 316 DISTRIBUIDORA INTERNACIONAL $ 6,045 DIXONS CARPHONE $ 3,478 DKS CO LTD $ 1,237 DKSH HOLDING LTD $ 4,511 DMG MORI CO LTD $ 3,514 DMG MORI SEIKI AG $ 1,994 DNO ASA $ 1,157 DO & CO RESTAURANTS & CATERING AG $ 580 DOMAIN HOLDINGS AUSTRALIA LTD $ 1,180 DOMETIC GROUP AB $ 1,642 DOMINO'S PIZZA ENTERPRISES LTD $ 2,378 DOMINO'S PIZZA GROUP PLC $ 4,048 DORAY MINERALS LTD $ 239 DORMAKABA HOLDING AG $ 5,271 DORO AB $ 202 DOSHISHA CO LTD $ 1,148 DOUTOR NICHIRES HOLDINGS CO LTD $ 1,545 DOWA HOLDINGS CO LTD $ 3,773 DOWNER EDI LTD $ 7,748 DP WORLD $ 92,131 DR HOENLE AG $ 387 DRAEGERWERK AG & CO KGAA $ 357 DRAEGERWERK AG & COMPANY KGAA $ 1,381 DRAX GROUP PLC $ 3,224 DRECOM CO LTD $ 410 DRILLISCH AG $ 6,372 DS SMITH PLC $ 784 DTS CORP $ 1,476 DUERR AG $ 5,570 DULUXGROUP LTD $ 4,819 DUNELM GROUP PLC $ 1,661 DUNI AB $ 1,027 DURO FELGUERA SA $ 64 DUSKIN CO LTD $ 2,620 DYDO DRINCO INC $ 912 E GUARDIAN INC $ 623 E.ON SE $ 118,795 EAGLE INDUSTRY CO LTD $ 927 EARTH CHEMICAL CO LTD $ 1,087 EASTNINE AB $ 386 EBARA JITSUGYO CO LTD $ 354 EBOS GROUP LTD $ 1,770 EBRO FOODS SA $ 3,408 ECKERT & ZIEGLER AG $ 487 ECLIPX GROUP LTD $ 1,360 ECOGREEN INTERNATIONAL GROUP LTD $ 121 ECONOCOM GROUP $ 1,455

84 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) EDAG ENGINEERING GROUP AG $ 187 EDENRED $ 12,233 EDENRED $ 50,638 EDION CORP $ 1,934 EDMOND DE ROTHSCHILD SUISSE SA $ 410 EDP - ENERGIAS DE PORTUGAL SA $ 1,661 EDREAMS ODIGEO SL $ 617 EFG INTERNATIONAL AG $ 1,846 EGUARANTEE INC $ 408 EHIME BANK LTD/THE $ 980 EI GROUP PLC $ 1,852 EIFFAGE SA (FORM FOUGEROLLE) $ 64,657 EIGHTEENTH BANK LTD/THE $ 999 EIKEN CHEMICAL CO LTD $ 1,754 EIZO CORPORATION $ 1,320 EKORNES ASA $ 642 ISRAEL AIRLINES $ 217 EL.EN. SPA EURO.52 $ 483 ELANDERS AB-B SHS $ 211 ELDERS LTD $ 1,612 ELECNOR SA $ 741 ELECOM CO LTD $ 945 ELECTRA CONSUMER PRODUCTS 19 $ 241 ELECTRA LTD/ISRAEL $ 1,063 ELECTRICITE DE STRASBOURG $ 133 ELECTROCOMPONENTS PLC $ 8,833 ELEKTROBIT CORP $ 493 ELEMATEC CORP $ 645 ELEMENTIS PLC $ 4,025 ELIA SYSTEM OPERATOR SA/NV $ 3,567 ELIOR GROUP $ 4,049 ELIS SA $ 8,637 ELISA OYJ $ 10,931 ELMOS SEMICONDUCTOR AG $ 901 ELRINGKLINGER AG $ 1,074 ELRON ELECTRONIC INDUSTRIES LTD $ 166 EM SYSTEMS CO LTD $ 590 EMAAR PROPERTIES $ 88,304 EMMI AG $ 2,440 EMPEROR CAPITAL GROUP LTD $ 565 EMPEROR ENTERTAINMENT HOTEL LTD $ 119 EMPEROR INTERNATIONAL HOLDINGS $ 752 EMPEROR WATCH & JEWELLERY LTD $ 334 EMS-CHEMIE HOLDING AG $ 122 ENAGAS SA $ 12,362 ENAV SPA $ 2,215 ENDO LIGHTING CORP $ 380 ENEA AB $ 537 ENEL AMERICAS $ 96,932

85 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) ENERCHINA HOLDINGS LTD $ 402 ENERES CO LTD $ 481 ENERGIEDIENST HOLDING AG $ 339 ENERGY RESOURCES OF AUSTRALIA LTD $ 148 ENERGY WORLD CORP LTD $ 310 ENIGMO INC $ 126 EN-JAPAN INC $ 2,033 ENLIGHT RENEWABLE ENERGY LTD $ 274 ENM HOLDINGS LTD $ 143 ENNOCONN $ 63,824 ENPLAS CORP $ 1,342 ENQUEST PLC $ 594 ENTERTAINMENT ONE LTD $ 2,270 EPS HOLDINGS INC $ 1,025 EQT HOLDINGS LTD $ 572 EQUATORIAL ENERGIA $ 67,880 EQUINITI GROUP PLC $ 2,640 EQUITAL LTD $ 394 ERAMET $ 2,006 ERCROS SA $ 563 EREX CO LTD $ 893 ERG SPA $ 2,337 ERM POWER LTD $ 297 ERSTE GROUP BANK AG $ 98,993 ES-CON JAPAN LTD $ 476 ESPEC CORP $ 1,525 ESPRINET SPA $ 211 ESPRIT HOLDINGS LTD $ 2,276 ESR REIT $ 650 ESSENTRA PLC $ 4,090 ESSITY AB B $ 97,129 ESSO SA FRANCAISE $ 432 ESTIA HEALTH LTD $ 1,278 ESUN HOLDINGS LTD $ 148 ESURE GROUP PLC $ 1,959 ETABLISSEMENTS MAUREL ET PROM $ 325 EULER HERMES GROUP $ 4,648 EUROCOMMERCIAL PROPERTIES NV $ 4,969 EUROMONEY INSTITUTIONAL INVESTOR PLC $ 1,726 EURONAV NV $ 2,585 EURONEXT NV $ 6,309 EUROPCAR GROUPE SA $ 1,836 EUROPRIS ASA $ 1,047 EUSKALTEL SA $ 1,179 EUTELSAT COMMUNICATIONS $ 6,305 EVENT HOSPITALITY AND ENTERTAINMENT LTD $ 1,975 EVN AG $ 1,350 EVOGENE LTD $ 175 EVOLUTION MINING LTD $ 4,782

86 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) EVOTEC AG $ 5,033 EVRAZ PLC $ 2,728 EVS BROADCAST EQUIPMENT SA $ 796 EXCEL CO LTD $ 434 EXEDY CORP $ 2,063 EXMAR NV $ 482 EZION HOLDINGS LTD $ 4 EZRA HOLDINGS LTD $ 184 FABEGE AB $ 3,899 FACC AG $ 776 FAES FARMA SA $ 1,965 FAES FARMA SA - RTS $ 69 FAGERHULT AB $ 664 FAGRON $ 1,095 FAIRFAX MEDIA LTD $ 2,676 FAIRWOOD LTD $ 752 FALCK RENEWABLES SPA $ 763 FALCO HOLDINGS CO LTD $ 241 FAN COMMUNICATIONS INC. $ 429 FANUC CORPORATION $ 72,764 FAR EAST CONSORTIUM $ 1,669 FAR EAST HOSPITALITY TRUST $ 979 FAR EASTONE TELECOMMUNICATIONS $ 75,695 FAR LTD $ 681 FBD HOLDINGS PLC $ 516 FC RESIDENTIAL INVESTMENT CORP $ 1,512 FCC CO LTD $ 1,980 FDK CORP $ 532 FDM GROUP HOLDINGS PLC $ 1,471 FEED ONE CO LTD $ 603 FEINTOOL INTERNATIONAL HOLDING AG $ 306 FENIX OUTDOOR INTERNATIONAL AG $ 1,171 FENNER PLC $ 2,471 FERGUSON PLC $ 87,433 FERRATUM OYJ $ 600 FERREXPO PLC $ 2,259 FERROTEC CORP $ 1,885 FFRI INC $ 228 FIDEA HOLDINGS CO LTD $ 503 FIDESSA GROUP PLC $ 2,505 FIELDS CORP $ 301 FIH MOBILE LTD $ 1,817 FILA SPA $ 582 FINANCIAL PRODUCTS GROUP CO LTD $ 1,518 FINCANTIERI SPA $ 1,495 FINDEL PLC $ 244 FINDEX INC $ 272 FINECOBANK BANCA FINECO SPA $ 7,701 FINGERPRINT CARDS AB - B $ 448

87 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) FINNAIR OYJ $ 2,368 FIRST INTERNATIONAL BANK OF ISRAEL LTD $ 2,645 FIRST PACIFIC CO LTD/HONG KONG $ 17,166 FIRST REAL ESTATE INVESTMENT TRUST $ 1,009 FIRST RESOURCES LTD $ 1,215 FIRST SHANGHAI INVESTMENTS LTD $ 274 FIRSTGROUP PLC $ 3,490 FISKARS OYJ ABP $ 2,199 FIXSTARS CORP $ 452 FJ NEXT CO LTD $ 246 FLEETWOOD CORP LTD $ 151 FLETCHER BUILDING LTD $ 72,585 FLEXIGROUP LTD $ 782 FLIGHT CENTRE TRAVEL GROUP LTD $ 58,489 FLIGHT CENTRE TRAVEL GROUP LTD $ 3,936 FLOW TRADERS $ 625 FLSMIDTH & CO A/S $ 4,815 FLUGHAFEN WIEN AG $ 810 FLUIDRA SA $ 1,544 FLYBE GROUP PLC $ 70 FMS ENTERPRISES MIGUN LTD $ 402 FNAC DARTY SA $ 3,868 FOLKESTONE EDUCATION TRUST $ 1,064 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA $ 1,719 FONCIERE DES REGIONS $ 4,028 FORBO HOLDING AG $ 3,201 FORFARMERS NV $ 697 FORMOSA PLASTICS $ 91,018 1985 LTD $ 802 FORTERRA PLC $ 731 FORTUM OYJ $ 163,893 FORTUNE REIT $ 2,991 FOSCHINI $ 72,825 FOSTER ELECTRIC CO LTD $ 1,711 FOX WIZEL LTD $ 293 GROUP PLC $ 426 FRAGRANCE GROUP LTD $ 125 FRANCE BED HOLDINGS CO LTD $ 285 FRAPORT AG FRANKFURT AIRPORT SERVICES WORLDWIDE $ 572 FRASERS CENTREPOINT LTD $ 329 FRASERS CENTREPOINT TRUST $ 1,817 FRASERS COMMERCIAL TRUST $ 1,244 FRASERS HOSPITALITY TRUST $ 490 FRASERS LOGISTICS & INDUSTRIAL TRUST $ 1,718 FREAKOUT HOLDINGS INC $ 154 FRED OLSEN ENERGY ASA $ 186 FREEDOM FOODS GROUP LTD $ 289 FREEMAN FINTECH CORP LTD $ 1,064 FREENET AG $ 7,827

88 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) FREIGHTWAYS LTD $ 1,057 FRESENIUS MED CARE AG & CO AKT $ 87,639 FRESENIUS SE & CO KGAA $ 85,853 FREUND CORP $ 161 FRONTIER REAL ESTATE INVESTMENT CORP $ 3,190 FRONTLINE LTD $ 374 F-SECURE OYJ $ 1,090 F-TECH INC $ 548 FUCHS PETROLUB AG $ 3,930 FUCHS PETROLUB SE $ 2,977 FUDO TETRA CORP $ 676 FUGRO NV $ 2,613 FUJI CO LTD/EHIME $ 1,116 FUJI CORP LTD $ 386 FUJI CORP/MIYAGI $ 489 FUJI KYUKO CO LTD $ 1,864 FUJI MACHINE MANUFACTURING CO LTD $ 2,196 FUJI OIL CO LTD $ 586 FUJI OIL HOLDINGS INC $ 3,469 FUJI PHARMA CO LTD $ 832 FUJI SEAL INTERNATIONAL INC $ 2,821 FUJI SOFT INC $ 1,593 FUJIBO HOLDINGS INC $ 927 FUJICCO CO LTD $ 1,107 FUJIKURA KASEI CO LTD $ 356 FUJIKURA LTD $ 323 FUJIKURA RUBBER LTD $ 640 FUJIMI INC $ 953 FUJIMORI KOGYO CO LTD $ 1,073 FUJITA KANKO INC $ 474 FUJITEC CO LTD $ 1,496 FUJITSU FRONTECH LTD $ 687 FUJITSU GENERAL LTD $ 1,137 FUJITSU LTD $ 183,762 FUJIYA CO LTD $ 502 FUJJO FOOD SYSTEM CO LTD $ 313 FUKUDA CORP $ 1,039 FUKUDA DENSHI CO LTD $ 947 FUKUI BANK LTD/THE $ 1,399 FUKUI COMPUTER HOLDINGS INC $ 556 FUKUOKA REIT CO $ 2,225 FUKUSHIMA BANK LTD/THE $ 160 FUKUSHIMA INDUSTRIES CORP $ 1,523 FUKUYAMA TRANSPORTING CO LTD $ 1,956 FULLCAST HOLDINGS CO LTD $ 798 FULLER SMITH & TURNER $ 627 FUMAKILLA LTD $ 263 FUNAI ELECTRIC CO LTD $ 317 FUNAI SOKEN HOLDINGS INC $ 1,492

89 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) FURUKAWA BATTERY CO LTD $ 439 FURUKAWA CO LTD $ 1,369 FURUNO ELECTRIC CO LTD $ 337 FURUSATO INDUSTRIES LTD $ 333 FURYU CORP $ 292 FUSO CHEMICAL CO LTD $ 1,230 FUSO PHARMACEUTICAL INDUSTRIES LTD $ 332 FUTABA CORP/CHIBA $ 1,578 FUTABA INDUSTRIAL CO LTD $ 1,123 FUTURE BRIGHT HOLDINGS LTD $ 60 FUTURE CORP $ 467 FUTURE WORLD FINANCIAL HOLDINGS LTD $ 11 FUYO GENERAL LEASE CO LTD $ 2,717 G4S PLC $ 21,175 G-7 HOLDINGS INC $ 299 G8 EDUCATION LTD $ 2,305 GAKKEN HOLDINGS CO LTD $ 188 GAKKYUSHA CO LTD $ 253 GALAPAGOS NV $ 8,738 GALAXY RESOURCES LTD $ 1,802 GALLANT VENTURE LTD $ 287 GALLIFORD TRY PLC $ 3,014 GAM HOLDING AG $ 5,418 GAMES WORKSHOP GROUP PLC $ 2,507 GATEWAY LIFESTYLE $ 1,000 GAZTRANSPORT ET TECHNIGAZ $ 2,475 GBST HOLDINGS LTD $ 265 GCL NEW ENERGY HOLDINGS LTD $ 870 GDI PROPERTY GROUP $ 771 GECOSS CORP $ 507 GEDI GRUPPO EDITORIALE SPA $ 292 GEM DIAMONDS LTD $ 162 GEMALTO NV $ 9,647 GENESIS ENERGY LTD $ 1,184 GENKI SUSHI CO LTD $ 363 GENKY DRUGSTORES CO LTD $ 629 GENTING SINGAPORE PLC $ 63,651 $ 3,901 GENWORTH MORTGAGE INSURANCE AUSTRALIA LTD $ 1,035 GEO CORP $ 1,462 GEORG FISCHER AG $ 9,897 GEOX SPA $ 392 GERRESHEIMER AG $ 4,821 GERRY WEBER INTERNATIONAL AG $ 507 GESCO AG $ 641 GESTEVISION TELECINCO SA $ 3,343 GET NICE FINANCIAL GROUP LTD $ 402 GET NICE HOLDINGS LTD $ 393 GFT TECHNOLOGIES AG $ 610

90 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) GIKEN LTD $ 847 GILAT SATELLITE NETWORKS LTD $ 336 GIMV NV $ 2,280 GIORDANO INTERNATIONAL LTD $ 1,125 GL EVENTS $ 429 GL LTD $ 855 GL SCIENCES INC $ 246 GLANBIA PLC $ 5,118 GLENCORE PLC $ 202,952 GLOBAL BRANDS GROUP HOLDINGS LTD $ 739 GLOBAL DOMINION ACCESS SA $ 262 GLOBAL ONE REAL ESTATE INVESTMENT CORP $ 1,838 GLOBERIDE INC $ 505 GLORY LTD $ 2,769 GMO CLICK HOLDINGS INC $ 494 GMO INTERNET INC $ 2,640 GMO PAYMENT GATEWAY INC $ 2,497 GN STORE NORD A/S $ 8,427 GO-AHEAD GROUP PLC $ 1,746 GOCOMPARE.COM GROUP PLC $ 842 GODO STEEL LTD $ 634 GOLD ROAD RESOURCES LTD $ 740 GOLDCREST CO LTD $ 784 GOLDWIN INC $ 684 GOODBABY INTERNATIONAL HOLDINGS LTD $ 1,221 GOODMAN PROPERTY TRUST $ 1,230 GPT GROUP/THE $ 4 GRAFTON GROUP PLC $ 5,393 GRAINCORP LTD $ 3,228 $ 3,170 GRAMMER AG $ 1,650 GRANDVISION NV $ 926 GRANGES AB $ 1,560 GREAT EAGLE HOLDINGS LTD $ 3,292 PLC $ 5,833 GREEN REIT PLC $ 1,655 GREENCORE GROUP PLC $ 3,872 GREENCROSS LTD $ 1,082 GREENE KING PLC $ 4,665 GREGGS PLC $ 3,541 GRENKELEASING AG $ 3,995 G-RESOURCES GROUP LTD $ 690 GRIEG SEAFOOD ASA $ 777 GRIFOLS $ 93,865 GRIFOLS SA $ 13 GROUPE CRIT $ 536 GROUPE EUROTUNNEL SA $ 9,700 GROUPE OPEN $ 390 GROWTHPOINT PROPERTIES AUSTRALIA $ 1,155

91 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) GRUPO CATALANA OCCIDENTE SA $ 3,751 GRUPO EMPRESARIAL ENCE SA $ 2,383 GRUPO EZENTIS SA $ 383 GRUPPO MUTUIONLINE SPA $ 987 GS YUASA CORP $ 3,539 G-TEKT CORP $ 753 GUD HOLDINGS LTD $ 1,838 GUERBET $ 1,094 GULF KEYSTONE PETROLIUM LTD $ 23 GUN-EI CHEMICAL INDUSTRY CO LTD $ 224 GUNNEBO AB $ 138 GUNOSY INC $ 527 GUNZE LTD $ 2,098 GUOCOLAND LTD $ 781 GUOTAI JUNAN INTERNATIONAL HOL $ 1,172 GURIT HOLDING AG $ 1,214 GURUNAVI INC $ 743 GVC HOLDINGS PLC $ 6,925 GWA GROUP LTD $ 1,336 GYM GROUP PLC/THE $ 637 H LUNDBECK A/S $ 13,340 H&R GMBH & CO KGAA $ 179 H+H INTERNATIONAL A/S $ 801 H2O RETAILING CORP $ 587 HABA LABORATORIES INC $ 479 HABIB BANK $ 22,846 HADERA PAPER LTD $ 433 HAGIHARA INDUSTRIES INC $ 685 HAGIWARA ELECTRIC CO LTD $ 485 HAITONG INTERNATIONAL SECURITIES GROUP LTD $ 2,180 HAKUTO CO LTD $ 594 HALCYON AGRI CORP LTD $ 73 HALDEX AB $ 858 HALFORDS GROUP PLC $ 1,880 HALLENSTEIN GLASSON HOLDINGS LTD $ 245 HALOWS CO LTD $ 249 HAMAKYOREX CO LTD $ 1,112 HAMBORNER REIT AG $ 1,623 HAMBURGER HAFEN UND LOGISTIK AG $ 1,048 HANA FINANCIAL GROUP $ 238,032 HANG LUNG GROUP LTD $ 1,631 HANG SENG BANK LTD $ 6,604 HANISON CONSTRUCTION HOLDINGS LTD $ 117 HANKYU REIT INC $ 1,523 HANSEN TECHNOLOGIES LTD $ 1,049 PLC $ 2,552 HANWA CO LTD $ 3,191 HAO TIAN DEVELOPMENT GROUP LTD $ 100 HAPAG-LLOYD AG $ 2,069

92 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) HAPPINET CORP $ 922 HARBOUR CENTRE DEVELOPMENT LTD $ 371 HAREL INSURANCE INVESTMENTS & FINANCIAL SERVICES LTD $ 1,703 HARIMA CHEMICALS INC $ 438 HASTINGS GROUP HOLDINGS LTD $ 1,700 HAULOTTE GROUP SA $ 769 HAW PAR CORP LTD $ 2,949 HAYS PLC $ 5,838 HAZAMA ANDO CORP $ 2,668 HDFC BANK $ 273,227 HEADLAM GROUP PLC $ 1,581 HEALTH MANAGEMENT INTERNATIONAL LTD $ 261 HEALTHSCOPE LTD $ 3,377 HEARTLAND BANK LTD $ 979 HEARTS UNITED GROUP CO LTD $ 491 HEIDELBERGER DRUCKMASCHINEN AG $ 1,325 HEIJMANS NV $ 791 HEIWA CORP $ 2,553 HEIWA REAL ESTATE CO LTD $ 1,399 HEIWA REAL ESTATE REIT INC $ 1,597 HEIWADO CO LTD $ 1,345 HELICAL PLC $ 836 HELLA GMBH & CO KGAA $ 3,614 HELLENIC TELECOMMUNICATIONS ORGANIZATION $ 101,685 HELVETIA HOLDING AG $ 6,610 HEMFOSA FASTIGHTER AB $ 3,369 HENDERSON LAND DEVMT CO LTD $ 95,166 HERA SPA $ 5,250 HEXAGON COMPOSITES ASA $ 576 HIAG IMMOBILIEN AG $ 953 HIBERNIA REIT PLC $ 1,716 HIBIYA ENGINEERING LTD $ 644 HIDAY HIDAKA CORP $ 1,251 PLC $ 920 HILAN LTD $ 473 HI-LEX CORP $ 1,346 HILL & SMITH HOLDINGS PLC $ 2,403 HILTON FOOD GROUP LTD. $ 942 HINDUSTAN UNILEVER $ 168,604 HIOKI EE CORP $ 769 HI-P INTERNATIONAL LTD $ 467 HIPAY GROUP SA $ 202 HIQ INTERNATIONAL AB $ 965 HIRAMATSU INC $ 710 HIRANO TECSEED CO LTD/KINZOKU $ 614 HIRATA CORP $ 1,110 HIROSHIMA GAS CO LTD $ 383 HIS CO LTD $ 2,972 HISAKA WORKS LTD $ 436

93 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) HISCOX LTD $ 10,943 HISPANIA ACTIVOS INMOBILIARIOS SA $ 3,824 HITACHI KOKUSAI ELECTRIC INC $ 2,023 HITACHI LTD $ 150,346 HITACHI MAXELL LTD $ 1,702 HITACHI ZOSEN CORP $ 2,099 HK ELECTRIC INVESTMENTS & HK E $ 87,626 HKBN LTD $ 2,198 HKR INTERNATIONAL LTD $ 1,135 HKSCAN OYJ $ 232 HKT TRUST & HKT LTD $ 119,238 HKT TRUST AND HKT LTD(STAPLED) $ 45,582 HMS NETWORKS AB $ 736 HO BEE LAND LTD $ 635 HOCHDORF HOLDING AG $ 596 HOCHIKI CORP $ 465 HOCHSCHILD MINING PLC $ 1,719 HODOGAYA CHEMICAL CO LTD $ 684 HOEGH LNG HOLDINGS LTD $ 444 HOGY MEDICAL CO LTD $ 1,961 HOIST FINANCE AB $ 1,442 HOKKAIDO ELECTRIC POWER CO INC $ 2,741 HOKKAIDO GAS CO LTD $ 403 HOKKO CHEMICAL INDUSTRY CO LTD $ 384 HOKKOKU BANK LTD/THE $ 1,716 HOKUETSU BANK LTD/THE $ 844 HOKUETSU INDUSTRIES CO LTD $ 587 HOKUETSU KISHU PAPER CO LTD $ 2,050 HOKUHOKU FINANCIAL GROUP INC $ 3,366 HOKURIKU ELECTRIC INDUSTRY CO LTD $ 301 HOKURIKU ELECTRIC POWER CO $ 3,059 HOKURIKU ELECTRICAL CONSTRUCTION CO LTD $ 374 HOKUTO CORP $ 1,258 HOLMEN AB $ 1,518 HOME INVEST $ 469 HOMESERVE PLC $ 5,900 HON HAI PRECISION INDUSTRY $ 318,634 HONDA MOTOR CO LTD $ 166,231 HONDA TSUSHIN KOGYO CO LTD $ 497 H-ONE CO LTD $ 744 HONEYS HOLDINGS CO LTD $ 520 HONG FOK CORP LTD $ 534 HONG KONG AIRCRAFT ENGINEERING CO LTD $ 553 HONG KONG FERRY HOLDINGS $ 367 HONG KONG INTL CONSTRUCTION INV MGT GRP $ 608 HONG KONG TELEVISION NETWORK LTD $ 553 HONG LEONG FINANCE LTD $ 1,101 HONGKONG & SHANGHAI HOTELS/THE $ 1,400 HONGKONG CHINESE LTD $ 287

94 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) HOOSIERS HOLDINGS CO LTD $ 176 HOPEWELL HOLDINGS LTD $ 4,106 HORNBACH BAUMARKT AG $ 491 HOSHINO RESORTS REIT INC $ 1,678 HOSIDEN CORP $ 2,161 HOSOKAWA MICRON CORP $ 927 HOTEL GRAND CENTRAL LTD $ 365 HOTEL PROPERTY INVESTMENTS $ 687 HOWDEN JOINERY GROUP PLC $ 7,216 HOYA CORP $ 101,932 HOYA CORP $ 78,603 HSIN CHONG CONSTRUCTION GROUP LTD $ 144 HT&E LTD $ 801 HUARONG INTERNATIONAL FINANCIAL HOLDINGS LTD $ 448 HUBER & SUHNER AG $ 1,719 HUGO BOSS AG $ 8,947 HUHTAMAKI OYJ $ 8,111 HULIC REIT INC $ 2,766 HUNTER DOUGLAS NV $ 1,109 HUNTING PLC $ 2,831 HUTCHISON PORT HOLDINGS TRUST $ 14,968 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LTD $ 1,128 HYAKUGO BANK LTD/THE $ 2,467 HYAKUJUSHI BANK LTD/THE $ 2,002 HYFLUX LTD $ 460 HYSAN DEVELOPMENT CO LTD $ 4,704 HYUNDAI MOTOR $ 259,562 HYUNDAI MOTOR $ 78,326 IBERPAPEL GESTION SA $ 693 IBIDEN CO LTD $ 2,612 IBJ LEASING CO LTD $ 1,378 IBSTOCK PLC $ 2,703 IC GROUP A/S $ 512 ICADE $ 6,193 ICHIBANYA CO LTD $ 1,092 ICHIGO INC $ 1,698 ICHIKEN CO LTD $ 412 ICHIKOH INDUSTRIES LTD $ 383 ICHINEN HOLDINGS CO LTD $ 742 ICHIYOSHI SECURITIES CO LTD $ 1,082 ICOM INC $ 758 ID LOGISTICS SAS $ 696 IDEC CORP/JAPAN $ 1,644 IDEMITSU KOSAN CO LTD $ 51,667 IDI INSURANCE CO LTD $ 755 IDOM INC $ 1,055 IDORSIA LTD $ 3,589 IDP EDUCATION LTD $ 1,030 IFG GROUP PLC $ 130

95 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) IG GROUP HOLDINGS PLC $ 6,954 IGG INC $ 1,741 IHARA SCIENCE CORP $ 290 IINO KAIUN KAISHA LTD $ 1,153 IJT TECHNOLOGY $ 245 ILIAD GROUP SA $ 49,920 ILUKA RESOURCES LTD $ 6,341 IMAGI INTERNATIONAL HOLDINGS LTD $ 69 IMAGICA ROBOT HOLDINGS INC $ 381 IMASEN ELECTRIC INDUSTRIAL $ 485 IMCD GROUP BV $ 6,727 IMDEX LTD $ 1,072 IMERYS SA $ 5,056 IMF BENTHAM LTD $ 933 IMI PLC $ 8,660 IMMOBILIARE GRANDE DISTRIBUZIONE $ 792 IMMOFINANZ AG $ 3,904 IMMSI SPA $ 245 IMPERIAL BRANDS PLC $ 165,978 IMPLENIA AG $ 1,837 IMS-INTL METAL SERVICE $ 932 IMURAYA GROUP CO LTD $ 541 INABA DENKI SANGYO CO LTD $ 2,418 INABA SEISAKUSHO CO LTD $ 307 INABATA & CO LTD $ 1,569 INAGEYA CO LTD $ 1,192 INCHCAPE PLC $ 7,746 INDEPENDENCE GROUP NL $ 3,252 PLC $ 7,693 INDOFOOD AGRI RESOURCES LTD $ 201 INDRA SISTEMAS SA $ 3,091 INDUS HOLDING AG $ 2,145 INDUSTRIA DE DISENO TEXTIL SA $ 6 INDUSTRIA MACCHINE AUTOMATICHE SPA $ 3,105 INDUSTRIA REIT $ 294 INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORP $ 2,691 INDUSTRIAL BUILDINGS CORP $ 267 INDUTRADE AB $ 4,010 I-NET CORP $ 338 INFICON HOLDING AG $ 2,369 INFIGEN ENERGY $ 793 INFOCOM CORP $ 472 INFOMART CORP $ 951 INFOMEDIA LTD $ 516 INFORMATION SERVICES INTERNATIONAL-DENTSU LTD $ 781 INFRASTRUTTURE WIRELESS ITAL $ 2,805 INFRATIL LTD $ 1,965 ING OFFICE FUND $ 3,506 INGENIA COMMUNITIES GROUP $ 600

96 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) INGENICO GROUP $ 9,954 INMARSAT PLC $ 4,586 INMOBILIARIA COLONIAL SOCIMI $ 5,543 INNOGY SE $ 35,815 INNOTECH CORP/JAPAN $ 547 INROM CONSTRUCTION INDUSTRIES LTD $ 595 INSURANCE AUSTRALIA GROUP LTD $ 29,449 INSURANCE AUSTRALIA GROUP LTD $ 119,397 INTAGE HOLDINGS INC $ 785 INTEGRATED RESEARCH LTD $ 529 INTER PARFUMS SA $ 336 INTERMEDIATE CAPITAL GROUP $ 8,635 INTERNATIONAL PERSONAL FINANCE PLC $ 1,335 INTERNET INITIATIVE JAPAN INC $ 1,221 INTERPUMP GROUP SPA $ 4,657 INTERROLL HOLDING AG $ 1,760 INTERSERVE PLC $ 435 INTERSHOP HOLDINGS AG $ 1,004 INTERTRUST NV $ 626 INTERVEST OFFICES $ 937 INTESA SANPAOLO SPA $ 26,198 INTESA SANPAOLO SPA $ 193,717 PROPERTIES PLC $ 5,154 INUI GLOBAL LOGISTICS CO LTD $ 396 INVESCO OFFICE J-REIT INC $ 1,405 INVESTIS HOLDING SA $ 189 INVESTORE PROPERTY LTD $ 165 INVESTORS CLOUD CO LTD $ 798 INVINCIBLE INVESTMENT CORP $ 3,398 INVOCARE LTD $ 2,414 INWIDO AB $ 951 ION BEAM APPLICATIONS $ 1,256 IOOF HOLDINGS LTD $ 4,611 IP GROUP PLC $ 1,786 IPH LTD $ 663 IPSEN PROMESSES $ 67,503 IPSOS $ 2,496 IREN SPA $ 4,024 IRESS MARKET TECHNOLOGY LTD $ 2,637 IRISH CONTINENTAL GROUP PLC $ 1,452 IRISH RESIDENTIAL PROPERTIES R $ 785 IRISO ELECTRONICS CO LTD $ 2,322 ISEKI & CO LTD $ 980 ISELECT LTD $ 397 ISENTIA GROUP LTD $ 219 ISHIHARA SANGYO KAISHA LTD $ 1,182 ISRA VISION AG $ 1,765 LTD $ 2,536 ISS A/S $ 114

97 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) ISTYLE INC $ 437 ISUZU MOTORS LTD $ 97,590 IT LTD $ 496 ITAB SHOP CONCEPT AB - B $ 384 ITALGAS SPA $ 5,955 ITALMOBILIARE SPA $ 917 ITAU UNIBANCO HOLDING $ 170,092 ITC $ 76,600 ITE GROUP PLC $ 1,394 ITFOR INC $ 163 ITOCHU CORP $ 123,280 ITOCHU ENEX CO LTD $ 914 ITOCHU-SHOKUHIN CO LTD $ 474 ITOKI CORP $ 702 IVE GROUP LTD $ 420 IVS GROUP SA $ 294 IVY COSMETICS CORP $ 199 IWAI COSMO HOLDINGS INC $ 715 IWAKI & CO LTD $ 501 IWATANI CORP $ 2,362 IWATSUKA CONFECTIONERY CO $ 303 IWG PLC $ 3,739 J TRUST CO LTD $ 1,096 JAC RECRUITMENT CO LTD $ 586 JACCS CO LTD $ 1,008 JACKPOTJOY PLC $ 833 JAFCO CO LTD $ 3,614 JALUX INC $ 331 JAMCO CORP $ 610 JAMES FISHER & SONS PLC $ 2,214 JAMES HARDIE INDUSTRES PLC CDI $ 67,793 JANOME SEWING MACHINE CO LTD $ 450 JAPAN AIRLINES CO LTD $ 65,952 JAPAN ASSET MARKETING CO LTD $ 725 JAPAN AVIATION ELECTRONICS INDUSTRY LTD $ 1,712 JAPAN BRIDGE CORP $ 585 JAPAN CASH MACHINE CO LTD $ 239 JAPAN DISPLAY INC $ 1,612 JAPAN DRILLING CO LTD $ 274 JAPAN EXCELLENT INC $ 2,865 JAPAN INVESTMENT ADVISOR CO $ 544 JAPAN LIFELINE CO LTD $ 1,704 JAPAN LOGISTICS FUND INC $ 3,266 JAPAN MATERIAL CO LTD $ 1,328 JAPAN MEAT CO LTD $ 382 JAPAN MEDICAL DYNAMIC MARKETING INC $ 532 JAPAN PETROLEUM EXPLORATION CO $ 1,942 JAPAN PROPERTY MANAGEMENT CENTER CO LTD $ 377 JAPAN PULP & PAPER CO LTD $ 580

98 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) JAPAN RENTAL HOUSING INVESTMENTS INC $ 2,238 JAPAN SECURITIES FINANCE CO LTD $ 1,392 JAPAN STEEL WORKS LTD/THE $ 4,511 JAPAN TRANSCITY CORP $ 93 JAPAN WOOL TEXTILE CO LTD/THE $ 1,291 JAPARA HEALTHCARE LTD $ 1,001 JARDINE LLOYD THOMPSON GROUP PLC $ 4,700 JASTEC CO LTD $ 296 JB HI-FI LTD $ 4,390 JBCC HOLDINGS INC $ 497 JCR PHARMACEUTICALS CO LTD $ 916 JCU CORP $ 1,260 JD SPORTS FASHION PLC $ 3,291 JD WETHERSPOON PLC $ 2,539 JENOPTIK AG $ 3,507 JEOL LTD $ 976 JERUSALEM OIL EXPLORATION $ 1,028 JEUDAN A/S $ 511 JIG SAW INC $ 394 JIMOTO HOLDINGS INC $ 476 JIN CO LTD $ 1,361 JK HOLDINGS CO LTD $ 266 JM AB $ 3,030 JOBAN KOSAN CO LTD $ 325 JOHN LAING GROUP PLC $ 1,578 JOHN MENZIES PLC $ 1,657 JOHN WOOD GROUP PLC $ 64,262 JOHNSON ELECTRIC HOLDINGS LTD $ 2,722 JOHNSON MATTHEY PLC $ 43,427 J-OIL MILLS INC $ 829 JOSHIN DENKI CO LTD $ 1,535 JOYFUL HONDA CO LTD $ 1,141 JP-HOLDINGS INC $ 297 JSP CORP $ 1,035 JSR CORP $ 59,918 JUKI CORP $ 1,066 JUNGFRAUBAHN HOLDING AG $ 1,129 JUNGHEINRICH AG $ 3,989 JUPITER FUND MANAGEMENT PLC $ 6,852 JUROKU BANK LTD/THE $ 1,650 JUST GROUP PLC $ 2,212 JUSTSYSTEMS CORP $ 1,642 JUVENTUS FOOTBALL CLUB SPA $ 605 JVC KENWOOD HOLDINGS INC $ 622 JXTG HOLDINGS INC $ 30,055 JYSKE BANK A/S $ 7,140 K&O ENERGY GROUP $ 544 K+S AG $ 8,610 K+S AG $ 88,027

99 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) KABU.COM SECURITIES CO LTD $ 1,197 KADOKAWA DWANGO CORP $ 1,368 KADOYA SESAME MILLS INC $ 501 KAGA ELECTRONICS CO LTD $ 1,181 KAINOS GROUP PLC $ 210 KAKIYASU HONTEN CO LTD $ 515 LTD $ 216 KAMEDA SEIKA CO LTD $ 1,188 KAMEI CORP $ 859 KAMIGUMI CO LTD $ 50,135 KANADEN CORP $ 272 KANAGAWA CHUO KOTSU CO LTD $ 560 KANAMOTO CO LTD $ 1,404 KANDENKO CO LTD $ 2,269 KANEMATSU CORP $ 2,206 KANEMATSU ELECTRONICS LTD $ 713 KANSAI SUPER MARKET LTD $ 260 KANSAI URBAN BANKING CORP $ 956 KANTO DENKA KOGYO CO LTD $ 1,046 KAO CORP $ 134,400 KAPPAHL AB $ 501 KAPSCH TRAFFICCOM AG $ 315 KARDEX AG $ 1,509 KARO PHARMA AB $ 488 KARO PHARMA AB-RTS $ 20 KAROON GAS AUSTRALIA LTD $ 499 KAS BANK NV $ 505 KASAI KOGYO CO LTD $ 675 KASIKORNBANK $ 263,640 KATAKURA INDUSTRIES CO LTD $ 736 KATHMANDU HOLDINGS LTD $ 539 KATO SANGYO CO LTD $ 1,265 KATO WORKS CO LTD $ 524 KAUFMAN & BROAD SA $ 1,413 KAWADA TECHNOLOGIES INC $ 488 KAWAI MUSICAL INSTRUMENTS MANUFACTURING CO LTD $ 788 KAZ MINERALS PLC $ 6,053 KBC GROUPE SA $ 199,279 KCOM GROUP PLC $ 1,291 KDDI CORP $ 47,734 KEIHANSHIN REAL ESTATE CO LTD $ 646 KEIHIN CORP $ 1,887 KEIYO BANK LTD/THE $ 1,875 KEIYO CO LTD $ 497 KELLER GROUP PLC $ 2,038 KEMIRA OYJ $ 2,961 KENDRION NV $ 1,323 KENEDIX OFFICE INVESTMENT CORP $ 4,049 KENEDIX RESIDENTIAL INVESTMENT $ 1,880

100 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) KENEDIX RETAIL REIT CORP $ 1,874 KENKO MAYONNAISE CO LTD $ 703 LIMITED $ 338 KEPPEL DC REIT $ 1,645 KEPPEL INFRASTRUCTURE TRUST $ 1,854 KEPPEL TELECOMMUNICATIONS & TRANSPORTATION LTD $ 127 KERING $ 109,995 KERRY LOGISTICS NETWORK LTD $ 1,867 KERRY PROPERTIES LTD $ 27,921 KERUR HOLDINGS LTD $ 229 KESKO OYJ $ 7,937 KESKO OYJ $ 2,549 KEY COFFEE INC $ 1,084 KEYENCE CORP $ 131,934 KFC HOLDINGS JAPAN LTD $ 693 KH NEOCHEM CO LTD $ 553 KIER GROUP PLC $ 2,352 KINDRED GROUP PLC $ 4,795 KINEPOLIS $ 2,040 KINGSGATE CONSOLIDATED LTD $ 60 KINGSPAN GROUP PLC $ 10,687 KINKI SHARYO CO LTD $ 244 KINTETSU DEPARTMENT STORE CO L $ 632 KINTETSU WORLD EXPRESS INC $ 1,786 KISSEI PHARMACEUTICAL CO LTD $ 2,015 KI-STAR REAL ESTATE CO LTD $ 355 KITAGAWA IRON WORKS CO LTD $ 707 KITA-NIPPON BANK LTD/THE $ 531 KITANO CONSTRUCTION CORP $ 466 KITANOTATSUJIN CORP $ 586 KITO CORP $ 882 KITZ CORP $ 1,437 KIWI PROPERTY GRP $ 1,891 KIYO BANK LTD $ 2,330 KLAB INC $ 753 KLABIN $ 69,894 KLOECKNER & CO SE $ 1,503 KLOVERN AB-B SHS $ 1,289 KNOW IT AB $ 879 KNT-CT HOLDINGS CO LTD $ 452 KOA CORP $ 1,691 KOATSU GAS KOGYO CO LTD $ 730 KOBE BUSSAN CO LTD $ 579 KOBE ELEC RAILWAY CO LTD $ 537 KOC HOLDING $ 110,434 KOENIG & BAUER AG $ 1,852 KOHNAN SHOJI CO LTD $ 1,490 KOHSOKU CORP $ 259 KOKUSAI CO LTD $ 255

101 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) KOKUYO CO LTD $ 2,643 KOMATSU LTD $ 83,954 KOMATSU SEIREN CO LTD $ 730 KOMATSU WALL INDUSTRY CO LTD $ 415 KOMAX HOLDING AG $ 2,093 KOMEDA HOLDINGS CO LTD $ 756 KOMEHYO CO LTD $ 219 KOMERI CO LTD $ 1,872 KOMORI CORP $ 1,576 KONAKA CO LTD $ 439 KONDOTEC INC $ 271 KONECRANES OYJ $ 6,181 KONGSBERG AUTOMOTIVE ASA $ 1,300 KONGSBERG GRUPPEN AS $ 1,181 KONICA MINOLTA INC $ 9,817 KONINKLIJKE BAM GROEP NV $ 2,553 KONINKLIJKE BOSKALIS WESTMINSTER NV $ 7,619 KONINKLIJKE PHILIPS NV $ 88,045 KONINKLIJKE VOPAK NV $ 5,805 KONISHI CO LTD $ 1,333 KONOIKE TRANSPORT $ 917 KOREA KOLMAR $ 75,009 KOREA ZINC $ 122,706 KORIAN $ 2,859 KOSE CORP $ 67,406 KOSHIDAKA HOLDINGS CO LTD $ 909 KOTOBUKI SPIRITS CO LTD $ 2,284 KOURAKUEN HOLDINGS CORP $ 423 KOWLOON DEVELOPMENT CO LTD $ 618 KPN (KON) NV $ 43,752 K-REIT ASIA $ 2,900 KRONES AG $ 4,004 KROSAKI HARIMA CORP $ 272 KROTON EDUCACIONAL $ 47,474 KRS CORP $ 540 KSB AG $ 130 KU HOLDINGS CO LTD $ 763 KUDELSKI SA $ 697 KUEHNE + NAGEL INTERNATIONAL A $ 56 KUMAGAI GUMI CO LTD $ 1,989 KUMIAI CHEMICAL INDUSTRY CO LTD $ 1,671 KUNGSLEDEN AB $ 2,159 KURA CORP $ 885 KURABO INDUSTRIES LTD $ 1,611 KUREHA CORP $ 2,193 KURIMOTO LTD $ 479 KURIYAMA HOLDINGS CO $ 208 KUSURI NO AOKI HOLDINGS CO LTD $ 1,029 KVAERNER ASA $ 404

102 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) KWS SAAT SE $ 1,210 KYB CORP $ 2,641 KYODO PRINTING CO LTD $ 695 KYOEI STEEL LTD $ 781 KYOKUTO BOEKI KAISHA LTD $ 480 KYOKUTO KAIHATSU KOGYO CO LTD $ 874 KYOKUTO SECURITIES CO LTD $ 731 KYOKUYO CO LTD $ 905 KYORIN HOLDINGS INC $ 1,895 KYORITSU MAINTENANCE CO LTD $ 2,510 KYOSAN ELECTRIC MANUFACTURING CO LTD $ 700 KYOWA EXEO CORP $ 4,357 KYOWA LEATHER CLOTH CO LTD $ 382 LA DORIA SPA $ 536 LABORATORIOS FARMACEUTICOS ROVI SA $ 444 LAC CO LTD $ 466 LACTO JAPAN CO LTD $ 277 LADBROKES PLC $ 7,010 LAGARDERE SCA $ 6,968 LAGERCRANTZ GROUP AB-B SHS $ 930 LAI SUN DEVELOPMENT CO LTD $ 481 LAI SUN GARMENT INTERNATIONAL LTD $ 586 LAIRD PLC $ 1,947 LAMPRELL PLC $ 489 LANCASHIRE HOLDINGS LTD $ 3,600 LANXESS AG $ 11,546 LAOX CO LTD $ 581 LAR ESPANA REAL ESTATE SOCIMI SA $ 1,956 LASALLE LOGIPORT REIT $ 2,075 LASERTEC CORP $ 1,845 LASSILA & TIKANOJA OYJ $ 1,481 LAURENT-PERRIER $ 291 LE BELIER SA $ 282 LEASINVEST REAL ESTATE SCA $ 575 LEC INC $ 458 LECTRA $ 1,396 LEG IMMOBILIEN GMBH $ 12,920 LEHTO GROUP OYJ $ 422 LEIFHEIT AG $ 504 LEM HOLDING SA $ 1,903 LENDLEASE GROUP $ 87,956 LENDLEASE GROUP (STAPLED) $ 77,008 LENZING AG $ 2,459 LEONARDO SPA $ 74,930 LEONI AG $ 4,752 LEOPALACE21 CORP $ 4,127 LG CHEM $ 184,495 LIAN BENG GROUP LTD $ 813 LIBERBANK SA $ 1,693

103 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) LIECHTENSTEIN LANDESBANK- BR $ 1,132 LIFE CORP $ 698 LIFECO AB - B SHS $ 2,225 LIFESTYLE INTERNATIONAL HOLDINGS LTD $ 1,949 LIFULL CO LTD $ 732 LIGHT $ 25,472 LINDAB INTERNATIONAL AB $ 1,099 LINDE AG (TENDER SHARES) $ 125,727 LINEDATA SERVICES $ 523 LINICAL CO LTD $ 493 LINK ADMINISTRATION HOLDINGS $ 5,430 LINK AND MOTIVATION INC $ 740 LINK REIT $ 125,376 LINTEC CORP $ 2,587 LIPPO CHINA RESOURCES LTD $ 170 LIPPO-MAPLETREE RETAIL TRUST $ 989 LISI $ 1,609 LIU CHONG HING INVESTMENT $ 671 LLOYDS BANKING GROUP PLC $ 85,680 LNA SANTE $ 997 L'OCCITANE INTERNATIONAL SA $ 1,206 LOGITECH INTERNATIONAL SA $ 9,584 LOJAS RENNER $ 158,344 LOMNIN PLC $ 519 LONDONMETRIC PROPERTY PLC $ 3,420 LONZA GROUP AG $ 80,067 LOOKERS PLC $ 902 LOOMIS AB $ 4,736 LOTUS BAKERIES $ 1,538 LOVISA HOLDINGS LTD $ 573 LOW & BONAR PLC $ 447 LPKF LASER & ELECTRONICS AG $ 562 LSL PROPERTY SERVICES PLC $ 281 LUCAS BOLS NV $ 225 LUK FOOK HOLDINGS INTERNATIONAL LTD $ 2,966 LUKOIL $ 384,798 LUNDIN PETROLEUM AB $ 130,043 LUZERNER KANTONALBANK AG $ 3,215 LVMH MOET HENNESSY LOUIS VU SE $ 66,768 M&A CAPITAL PARTNERS CO LTD $ 705 M1 LTD/SINGAPORE $ 615 MACA LTD $ 519 MACAU LEGEND DEVELOPMENT LTD $ 562 MACMAHON HOLDINGS LTD $ 549 MACNICA FUJI ELECTRONICS $ 1,035 MACQUARIE ATLAS ROADS GROUP $ 4,885 MACQUARIE GROUP LTD $ 194,381 MAEDA KOSEN CO LTD $ 558 MAEDA ROAD CONSTRUCTION CO LTD $ 2,475

104 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) MAEZAWA KASEI INDUSTRIES CO LTD $ 167 MAEZAWA KYUSO INDUSTRIES CO LTD $ 347 MAGIC SOFTWARE ENTERPRISES LTD $ 549 MAGNIFICENT HOTEL INVESTMENT L $ 164 MAIL.RU GROUP $ 97,042 MAINFREIGHT LTD $ 1,512 MAINSTREAM HEALTH INVESTMENT INC $ 435 MAIRE TECHNIMONT SPA $ 969 MAISONS FRANCE CONFORT $ 236 MAKINO MILLING MACHINE CO LTD $ 1,959 MAMEZOU HOLDINGS CO LTD $ 440 MAN SE $ 41,055 MAN WAH HOLDINGS LTD $ 2,475 MANDARIN ORIENTAL INTERNATIONAL LTD $ 777 MANDOM CORP $ 1,697 MANI INC $ 1,314 MANITOU BF SA $ 885 MANTRA GROUP LTD $ 1,432 MANULIFE US REIT $ 826 MANUTAN INTERNATIONAL $ 594 MANZ AUTOMATION AG $ 158 MAPLETREE COMMERCIAL TRUST $ 3,826 MAPLETREE GREATER CHINA COMMERCIAL TRUST $ 2,791 MAPLETREE INDUSTRIAL TRUST $ 3,316 MAPLETREE LOGISTICS TRUST $ 3,243 MARR SPA $ 1,603 MARS ENGINEERING CORP $ 336 MARSHALLS PLC $ 2,878 MARSTON'S PLC $ 1,934 MARUBENI CORP $ 89,007 MARUBUN CORP $ 177 MARUDAI FOOD CO LTD $ 1,066 MARUHA NICHIRO CORP $ 2,802 MARUKA MACHINERY CO LTD $ 244 MARUSAN SECURITIES CO LTD $ 638 MARUTI SUZUKI INDIA $ 175,808 MARUWA CO LTD/AICHI $ 1,730 MARUWA UNYU KIKAN CO LTD $ 830 MARUZEN CO LTD-GENERAL COMMERCIAL KITCHEN APPLIANCES & EQUIPM $ 463 MARUZEN SHOWA UNYU CO LTD $ 775 MARVELOUS INC $ 776 MASSIMO ZANETTI BEVERAGE GROUP SPA $ 288 MATAS A/S $ 634 MATRIX IT LTD $ 504 MATSUDA SANGYO CO LTD $ 533 MATSUI CONSTRUCTION CO LTD $ 561 MATSUI SECURITIES CO LTD $ 1,984 MATSUYA CO LTD $ 951 MATSUYA FOODS CO LTD $ 559

105 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) MAUREL ET PROM CV RIGHTS $ - MAX CO LTD $ 927 MAYNE PHARMA GROUP LTD $ 1,575 MAYR MELNHOF KARTON AG $ 2,402 MAYTRONICS LTD $ 300 LTD $ 3,605 MCBRIDE PLC $ 1,398 MCCARTHY & STONE PLC $ 1,172 MCCOLL'S RETAIL GROUP PLC $ 248 MCDONALD'S HOLDINGS CO JAPAN L $ 15,688 MCJ CO LTD $ 497 MCKAY SECURITIES PLC $ 634 MCMILLAN SHAKESPEARE LTD $ 2,091 MCPHERSON'S LTD $ 380 MCUBS MIDCITY INVESTMENT CORP $ 2,015 MDXHEALTH $ 170 MEARS GROUP PLC $ 1,081 MEC CO LTD/JAPAN $ 899 MEDIA DO HOLDINGS CO LTD $ 273 MEDIASET SPA $ 3,683 MEDIBANK PVT LTD $ 3,013 MEDICAL DATA VISION CO LTD $ 440 MEDICAL SYSTEM NETWORK CO LTD $ 465 MEDIGENE AG $ 424 MEDIVIR AB $ 385 MEDUSA MINING LTD $ 24 MEDY-TOX $ 41,626 MEGA OR HOLDINGS LTD $ 276 MEGACHIPS CORP $ 1,096 MEGAFON $ 56,986 MEGGITT PLC $ 9,785 MEGMILK SNOW BRAND CO LTD $ 2,812 MEIDENSHA CORP $ 1,693 MEIKO ELECTRONICS CO $ 774 MEIKO NETWORK JAPAN CO LTD $ 588 MEISEI INDUSTRIAL CO LTD $ 317 MEITEC CORP $ 2,494 MEIWA CORP $ 287 MEKONOMEN AB $ 653 IT LTD $ 708 MELCO RESORTS & ENTERTAINM ADR $ 115,025 MELEXIS NV $ 3,901 MELIA HOTELS INTERNATIONAL SA $ 3,361 MELISRON LTD $ 1,522 MELROSE INDUSTRIES PLC $ 9,688 MENICON CO LTD $ 1,202 MENORAH MIVTACHIM HOLDINGS LTD $ 719 MERCIALYS SA $ 1,853 MERCURY NZ LTD $ 30,565

106 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) MERIDIAN ENERGY LTD $ 3,057 MERLIN PROPERTIES SOCIMI SA $ 9,340 MERSEN $ 1,411 MESOBLAST LTD $ 369 METALL ZUG AG $ 1,394 METALS X LTD $ 1,077 METAWATER CO LTD $ 727 METCASH LTD $ 4,553 METLIFECARE LTD $ 1,499 METRO HOLDINGS LTD/SINGAPORE $ 595 METROPOLE TELEVISION SA $ 1,489 METSO OYJ $ 8,083 MEYER BURGER TECHNOLOGY AG $ 1,036 MGI COUTIER $ 1,137 MICHAEL HILL INTERNATIONAL LTD $ 283 MICHINOKU BANK LTD/THE $ 516 MICRO FOCUS INTERNATIONAL PLC $ 80,005 MICRONIC AB $ 1,689 MIDAS HOLDINGS LTD $ 190 MIDEA GROUP $ 117,354 MIDLAND HOLDINGS LTD $ 425 MIDLAND IC&I LTD $ 38 MIE BANK LTD/THE $ 339 MIE KOTSU GROUP HOLDINGS INC $ 231 INSURANCE & FINANCIAL HOLDING LTD $ 554 MIKUNI CORP $ 554 MILBON CO LTD $ 1,624 MILLENNIUM & COPTHORNE HOTELS PLC $ 2,132 MIMASU SEMICONDUCTOR INDUSTRY CO LTD $ 1,073 MINATO BANK LTD/THE $ 688 MINEBEA MITSUMI INC $ 50,439 MINERAL RESOURCES LTD $ 4,458 MINI MSCI EAFE FUT MAR18 MFSH8 $ 1,240,858 MINISTOP CO LTD $ 933 MIQUEL Y COSTAS & MIQUEL SA $ 1,193 MIRAIT HOLDINGS CORP $ 1,734 MIRAMAR HOTEL & INVESTMENT $ 733 MIROKU JYOHO SERVICE CO LTD $ 1,220 MIRVAC GROUP STAPLED SECURITY $ 99,598 MISAWA HOMES CO LTD $ 152 MITANI CORP $ 2,186 MITANI SEKISAN CO LTD $ 575 MITCHELLS & BUTLERS PLC $ 1,625 MITIE GROUP PLC $ 1,259 MITO SECURITIES CO LTD $ 425 MITSUBA CORP $ 1,199 MITSUBISHI GAS CHEMICAL CO INC $ 95,529 MITSUBISHI HEAVY INDS LTD $ 55,465 MITSUBISHI KAKOKI KAISHA LTD $ 419

107 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) MITSUBISHI LOGISTICS CORP $ 784 MITSUBISHI MOTORS CORP $ 104,690 MITSUBISHI NICHIYU FORKLIFT CO LTD $ 860 MITSUBISHI PAPER MILLS LTD $ 265 MITSUBISHI PENCIL CO LTD $ 1,840 MITSUBISHI RESEARCH INSTITUTE $ 529 MITSUBISHI SHOKUHIN CO LTD $ 1,076 MITSUBISHI STEEL MANUFACTURING CO LTD $ 1,124 MITSUBISHI TANABE PHARMA CORP $ 123,955 MITSUBISHI UFJ FINL GRP INC $ 325,023 MITSUBOSHI BELTING CO LTD $ 1,481 MITSUI & CO LTD $ 44,722 MITSUI CHEMICALS INC $ 61,649 MITSUI ENGINEERING & SHIPBUILDING CO LTD $ 2,390 MITSUI FUDOSAN CO $ 120,190 MITSUI FUDOSAN LOGISTICS PARK INC $ 412 MITSUI HIGH-TEC INC $ 1,055 MITSUI HOME CO LTD $ 448 MITSUI MATSUSHIMA CO LTD $ 562 MITSUI SUGAR CO LTD $ 1,822 MITSUI-SOKO HOLDINGS CO LTD $ 736 MITSUUROKO CO LTD $ 424 MIVTACH SHAMIR $ 183 MIXI INC $ 7,969 MIYAZAKI BANK LTD/THE $ 1,103 MIZUNO CORP $ 1,142 MJ GLEESON PLC $ 659 MLP SE $ 854 MMA OFFSHORE LTD $ 312 MNF GROUP LTD $ 272 MOBILEZONE HOLDING AG - REG $ 797 MOBIMO HOLDING AG $ 3,107 MOCHIDA PHARMACEUTICAL CO LTD $ 1,981 MODEC INC $ 1,058 MODERN DENTAL GROUP LTD $ 478 MODERN TIMES GROUP AB $ 3,808 MOL HUNGARIAN OIL AND GAS $ 6,472 MOL HUNGARIAN OIL AND GAS $ 76,542 MOMENTUM GOUP AB-CLASS B $ 511 MONADELPHOUS GROUP LTD $ 3,519 MONASH IVF GROUP LTD $ 411 MONCLER SPA $ 6,532 MONDO TV SPA $ 497 MONEX GROUP INC $ 1,349 MONEY3 CORP LTD $ 514 MONEYSUPERMARKET.COM GROUP PLC $ 4,786 MONGOLIAN MINING CORP $ 211 MONOGATARI CORP $ 1,028 MONTEA SCA $ 960

108 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) MORGAN ADVANCED MATERIALS PLC $ 2,918 MORGAN SINDALL GROUP PLC $ 1,601 MORI HILLS REIT INVESTMENT CORP $ 3,420 MORI TRUST SOGO REIT INC $ 2,525 MORINAGA MILK INDUSTRY CO LTD $ 3,519 MORITA HOLDINGS CORP $ 1,502 MORITO CO LTD $ 315 MOROZOFF LTD $ 451 MORPHO INC $ 361 MORTGAGE CHOICE LTD $ 221 MORY INDUSTRIES INC $ 476 MOTA-ENGIL SGPS SA $ 1,186 MOTHERCARE PLC $ 213 MOTORPOINT GROUP PLC $ 104 MOUNT GIBSON IRON LTD $ 507 MQ HOLDING AB $ 245 M-REAL OYJ $ 4,034 MTI LTD $ 259 MTR CORP LTD $ 126,032 MUCKLOW A & J GROUP PLC $ 725 MUNICH REINSURANCE (REG) $ 116,935 MURAKAMI CORP $ 464 MUSASHI SEIMITSU INDUSTRY CO LTD $ 1,581 MUSASHINO BANK LTD/THE $ 2,088 MUTOH HOLDINGS CO LTD $ 47 MYER HOLDINGS LTD $ 712 MYOB GROUP LTD $ 1,678 MYSTATE LTD $ 871 N BROWN GROUP PLC $ 1,469 N FIELD CO LTD $ 412 NACHI-FUJIKOSHI CORP $ 2,602 NAGACORP LTD $ 4,672 NAGAILEBEN CO LTD $ 487 NAGANO BANK LTD/THE $ 532 NAGANO KEIKI CO LTD $ 344 NAGASE & CO LTD $ 3,495 NAGATANIEN HOLDINGS CO LTD $ 546 NAGAWA CO LTD $ 381 NAKABAYASHI CO LTD $ 244 NAKAMURAYA CO LTD $ 679 NAKANISHI INC $ 2,253 NAKANO REFRIGERATORS CO LTD $ 421 NAKAYAMA STEEL WORKS LTD $ 347 NAM CHEONG LTD $ 31 NAMESON HLDGS LTD $ 717 NAMURA SHIPBUILDING CO LTD $ 545 NANTO BANK LTD/THE $ 1,507 NAPHTHA ISRAEL PETROLEUM CORP LTD $ 510 NASPERS $ 335,498

109 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) NATIONAL BANK OF GREECE $ 20,952 NATIONAL EXPRESS GROUP PLC $ 4,642 NATIONAL STORAGE REIT $ 1,024 NATORI CO LTD $ 509 NATUREX $ 1,328 NAVER $ 182,411 NAVIGATOR GLOBAL INVESTMENT LTD $ 496 NAVITAS LTD $ 1,717 NAWI BROTHERS LIMITED $ 240 NCC AB $ 2,104 NCC GROUP PLC $ 1,456 NCSOFT $ 219,144 NEC CAPITAL SOLUTIONS LTD $ 666 NEC NETWORKS & SYSTEM INTEGRATION CORP $ 1,361 NEDERLAND APPARATENFABRIEK $ 878 NEL ASA $ 597 NEMETSCHEK SE $ 2,816 NEOPOST SA $ 2,021 NESTLE SA $ 248,215 NESTLE SA (REG) $ 543,554 NET INSIGHT AB $ 426 NET ONE SYSTEMS CO LTD $ 3,247 NETENT AB $ 1,778 NETMARBLE GAMES $ 91,157 NETO ME HOLDINGS LTD $ 193 NETUREN CO LTD $ 709 NEW CONCEPTS HLDGS LTD $ 478 NEW HOPE CORP LTD $ 702 NEW JAPAN RADIO CO LTD $ 494 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP $ 293,718 NEW WAVE GROUP AB $ 664 NEW ZEALAND OIL & GAS LTD $ 57 NEW ZEALAND REFINING CO LTD/THE $ 718 NEWOCEAN ENERGY HOLDINGS LTD $ 715 NEWRIVER REIT PLC $ 2,644 NEX GROUP PLC $ 5,261 NEXANS SA $ 3,451 NEXITY SA $ 5,239 NEXTAGE CO LTD $ 530 NEXTDC LTD $ 2,423 NEXUS AG $ 882 NEXYZ GROUP CORP $ 499 NH HOTELES SA $ 3,551 NIB HOLDINGS LTD/AUSTRALIA $ 4,402 NICHIAS CORP $ 2,584 NICHIBAN CO LTD $ 911 NICHICON CORP $ 1,578 NICHIDEN CORP $ 621 NICHIHA CORP $ 2,709

110 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) NICHIIGAKKAN CO LTD $ 965 NICHI-IKO PHARMACEUTICAL CO LTD $ 1,463 NICHIREKI CO LTD $ 389 NICHIRIN CO LTD $ 753 NICK SCALI LTD $ 460 NICOX SA $ 440 NIDEC CORP $ 102,143 NIHON CHOUZAI CO LTD $ 263 NIHON DEMPA KOGYO CO LTD $ 392 NIHON DENGI LTD $ 520 NIHON ESLEAD CORP $ 483 NIHON FLUSH CO LTD $ 646 NIHON HOUSE HOLDINGS CO LTD $ 351 NIHON KAGAKU SANGYO CO LTD $ 420 NIHON KOHDEN CORP $ 2,797 NIHON NOHYAKU CO LTD $ 791 NIHON PARKERIZING CO LTD $ 2,726 NIHON TOKUSHU TORYO CO LTD $ 667 NIHON UNISYS LTD $ 2,288 NIKKISO CO LTD $ 1,318 NIKKO CO LTD/HYOGO $ 91 NIKKON HOLDINGS CO LTD $ 3,401 NILFISK HOLDING A/S $ 3,008 NINE ENTERTAINMENT CO. HOLDINGS LTD $ 1,492 NINTENDO CO LTD $ 34,694 NIPPON ACCOMMODATIONS FUND INC $ 3,385 NIPPON AIR CONDITIONING SERVICES CO. LTD $ 256 NIPPON BEET SUGAR MANUFACTURING CO LTD $ 523 NIPPON CARBIDE INDUSTRIES CO INC $ 165 NIPPON CERAMIC CO LTD $ 1,107 NIPPON CHEMICAL INDUSTRIAL CO LTD $ 388 NIPPON CHEMI-CON CORP $ 1,069 NIPPON COKE & ENGINEERING CO LTD $ 479 NIPPON COMMERCIAL DEVELOPMENT CO LTD $ 132 NIPPON CONCRETE INDUSTRIES CO LTD $ 477 NIPPON DENKO CO LTD $ 1,070 NIPPON DENSETSU KOGYO CO LTD $ 1,589 NIPPON DENWA SHISETSU CO LTD $ 576 NIPPON EXPRESS CO LTD $ 29,461 NIPPON FINE CHEMICAL CO LTD $ 284 NIPPON FLOUR MILLS CO LTD $ 1,423 NIPPON GAS CO LTD $ 2,350 NIPPON HUME CORP $ 228 NIPPON KANZAI CO LTD $ 315 NIPPON KINZOKU CO LTD $ 255 NIPPON KOEI CO LTD $ 803 NIPPON LIGHT METAL HOLDINGS CO LTD $ 2,762 NIPPON PAPER INDUSTRIES CO LTD $ 3,322 NIPPON PARKING DEVELOPMENT CO LTD $ 437

111 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) NIPPON PILLAR PACKING CO LTD $ 431 NIPPON PISTON RING CO LTD $ 475 NIPPON REIT INVESTMENT CORP $ 2,541 NIPPON ROAD CO LTD/THE $ 1,135 NIPPON SEIKI CO LTD $ 1,854 NIPPON SEISEN CO LTD $ 303 NIPPON SHARYO LTD $ 519 CO LTD $ 1,702 NIPPON SIGNAL COMPANY LTD $ 1,240 NIPPON SODA CO LTD $ 1,867 NIPPON STEEL & SUMIKIN BUSSAN CORP $ 2,046 NIPPON SUISAN KAISHA LTD $ 2,666 NIPPON SYSTEMWARE CO LTD $ 365 NIPPON TELEGRAPH & TELEPHONE $ 224,290 NIPPON THOMPSON CO LTD $ 1,118 NIPPON VALQUA INDUSTRIES LTD $ 944 NIPPON YAKIN KOGYO CO LTD $ 626 NIPRO CORP $ 3,289 NISHI NIPPON FINANCIAL HOLDINGS INC $ 3,042 NISHIKAWA RUBBER CO LTD $ 586 NISHIMATSU CONSTRUCTION CO LTD $ 2,418 NISHIMATSUYA CHAIN CO LTD $ 1,200 NISHI-NIPPON RAILROAD CO LTD $ 3,494 NISHIO RENT ALL CO LTD $ 1,120 NISSAN SHATAI CO LTD $ 1,808 NISSEI ASB MACHINE CO LTD $ 1,316 NISSEI BUILD KOGYO CO LTD $ 1,130 NISSEI PLASTIC INDUSTRIAL CO LTD $ 716 NISSHIN FUDOSAN CO/JAPAN $ 284 NISSHIN OILLIO GROUP LTD/THE $ 1,961 NISSHIN STEEL CO LTD $ 1,698 NISSHINBO HOLDINGS INC $ 3,157 NISSIN CORP $ 849 NISSIN ELECTRIC CO LTD $ 1,003 NISSIN KOGYO CO LTD $ 1,625 NISSIN SUGAR CO LTD $ 387 NISSUI PHARMACEUTICAL CO LTD $ 296 NITORI HOLDINGS CO LTD $ 65,123 NITTA CORP $ 1,329 NITTETSU MINING CO LTD $ 948 NITTO BOSEKI CO LTD $ 1,492 NITTO FC CO LTD $ 448 NITTO KOGYO CORP $ 969 NITTO KOHKI CO LTD $ 492 NITTO SEIKO CO LTD $ 230 NITTOC CONSTRUCTION CO LTD $ 217 NITTOKU ENGINEERING CO LTD $ 1,914 NKT A/S $ 2,347 NN GROUP NV $ 48,729

112 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) NNIT A/S $ 822 NOBIA AB $ 1,485 NOBINA AB $ 622 NOBLE GROUP LTD $ 176 NODA CORP $ 268 NOEVIR HOLDINGS CO LTD $ 1,602 NOF CORP $ 3,472 NOHMI BOSAI LTD $ 629 NOJIMA CORP $ 1,135 NOKIAN RENKAAT OYJ $ 10,884 NOKIAN TYRES OYJ $ 71,588 NOLATO AB $ 2,776 NOMURA CO LTD $ 1,723 NORDAX GROUP AB $ 1,071 NORDEA BANK AB $ 254,953 NORDEX SE $ 971 NORDIC NANOVECTOR ASA $ 452 NORDIC SEMICONDUCTOR ASA $ 1,119 NORDIC WATERPROOFING HOLDINGS A/S $ 296 NORDJYSKE BANK A/S $ 600 NORITAKE CO LTD $ 1,420 NORITSU KOKI CO LTD $ 853 NORITZ CORP $ 1,015 NORMA GROUP SE $ 3,612 NORTH PACIFIC BANK LTD $ 2,123 NORTHERN STAR RESOURCES LTD $ 6,002 NORTHGATE PLC $ 1,349 NORWAY ROYAL SALMON ASA $ 367 NORWEGIAN AIR SHUTTLE AS $ 870 NORWEGIAN PROPERTY ASA $ 260 NOS SGPS $ 3,388 NOVA MEASURING INSTRUMENTS LTD. $ 1,565 NOVARTIS AG $ 46,849 NOVARTIS AG (REG) $ 374,212 NOVO NORDISK A/S $ 102,624 NOZAWA CORP $ 249 NRJ GROUP $ 667 NRW HOLDINGS LTD $ 1,025 NS UNITED KAIUN KAISHA LTD $ 367 NSD CO LTD $ 1,214 NSI NV $ 1,574 NSL LTD/SINGAPORE $ 112 NTT DOCOMO INC $ 147,728 NUFARM LTD/AUSTRALIA $ 2,678 NUFLARE TECHNOLOGY INC $ 647 NWS HOLDINGS LTD $ 57,431 NYRSTAR NV $ 1,214 NZME LTD $ 490 NZX LTD $ 220

113 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) OAK CAPITAL CORP $ 330 OBARA CORP $ 1,774 OBERBANK AG $ 1,115 OBIC CO LTD $ 40,383 OBRASCON HUARTE LAIN SA $ 1,622 OC OERLIKON CORP AG $ 6,538 OCADO GROUP PLC $ 4,850 OCEAN YIELD ASA $ 550 OCI INTERNATIONAL HOLDINGS LTD $ 161 OCI NV $ 3,393 ODFJELL DRILLING LTD $ 404 OEM INTERNATIONAL AB $ 269 OENEO $ 584 OENON HOLDINGS INC $ 433 OESTERREICHISCHE POST AG $ 2,616 OFX GROUP LTD $ 323 OGAKI KYORITSU BANK LTD/THE $ 1,963 OHASHI TECHNICA INC $ 341 OHB AG $ 854 OHSHO FOOD SERVICE CORP $ 1,343 OIL REFINERIES LTD $ 1,056 OILES CORP $ 760 OITA BANK LTD/THE $ 1,091 OKABE CO LTD $ 679 OKAMOTO INDUSTRIES INC $ 876 OKAMURA CORP $ 2,178 OKASAN SECURITIES GROUP INC $ 1,600 OKI ELECTRIC INDUSTRY CO LTD $ 2,056 OKINAWA CELLULAR TELEPHONE CO $ 865 OKINAWA ELECTRIC POWER CO INC/THE $ 2,271 OKUMA CORP $ 3,428 OKUMURA CORP $ 2,485 OKURA INDUSTRIAL CO LTD $ 265 OKUWA CO LTD $ 223 OLVI OYJ $ 1,560 OLYMPUS CORP $ 99,327 ON THE BEACH GROUP PLC $ 955 ONE REIT INC $ 862 ONESAVINGS BANK PLC $ 2,035 ONOKEN CO LTD $ 584 ONTEX GROUP NV $ 5,279 ONWARD HOLDINGS CO LTD $ 1,680 OOEDO ONSEN REIT INVESTMENT CORP $ 233 OOH! MEDIA LTD $ 1,099 OP FINANCIAL INVESTMENTS LTD $ 521 OPEN DOOR INC $ 738 OPEN HOUSE CO LTD $ 3,486 OPENJOB SPA AGENZIA PER IL LAVORA $ 460 OPERA SOFTWARE ASA $ 672

114 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) OPHIR ENERGY PLC $ 1,570 OPT HOLDING INC $ 341 OPTEX CO LTD $ 1,364 OPUS GROUP AB $ 112 ORACLE CORP JAPAN $ 125,033 ORACLE CORPORATION JAPAN $ 28,396 ORANGE BELGIUM $ 1,112 ORASCOM DEVELOPMENT HOLDING AG $ 375 ORCHARD PARADE HOLDINGS LTD $ 302 ORDINA NV $ 497 ORGANO CORP $ 505 ORICA LTD $ 50,811 ORIFLAME HOLDING AG $ 2,911 ORIOLA CORP $ 971 ORION OYJ $ 3,217 ORIOR AG $ 920 ORIX CORP $ 198,618 ORORA LTD $ 6,159 ORPEA $ 7,588 OSAKA GAS CO LTD $ 38,448 OSAKA ORGANIC CHEMICAL INDUSTRY LTD $ 339 OSAKA SODA CO LTD $ 552 OSAKA STEEL CO LTD $ 632 OSAKA TITANIUM TECHNOLOGIES CO $ 674 OSAKI ELECTRIC CO LTD $ 623 OSG CORP $ 3,034 OTP BANK $ 258,936 OTSUKA CORP $ 13,768 OTSUKA KAGU LTD $ 275 OUE HOSPITALITY TRUST $ 778 OUE LTD $ 972 OUTOKUMPU OYJ $ 5,879 OUTOTEC OYJ $ 3,205 OUTSOURCING INC $ 2,749 OVERSEA-CHINESE BANKING CORP L $ 25,495 OVS SPA $ 1,982 OXFORD INSTRUMENTS PLC $ 1,392 OXLEY HOLDINGS LTD $ 593 OYO CORP $ 497 OZ MINERALS LTD $ 4,469 PACIFIC ANDES INTERNATIONAL HOLDINGS LTD $ 34 PACIFIC BASIN SHIPPING LTD $ 1,626 PACIFIC CURRENT GROUP LTD $ 597 PACIFIC INDUSTRIAL CO LTD $ 1,139 PACIFIC METALS CO LTD $ 897 PACIFIC TEXTILE HOLDINGS LTD $ 1,299 PACK CORP/THE $ 557 PACT GROUP HOLDINGS LTD $ 1,359 PAGEGROUP PLC $ 3,463

115 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) PAL GROUP HOLDINGS CO LTD $ 745 PALADIN ENERGY LTD $ 74 PALFINGER AG $ 905 PALTAC CORPORATION $ 2,757 PANALPINA WELTTRANSPORT HOLDING AG $ 2,888 PANASONIC CORP $ 142,014 PANDOX AB $ 1,789 PANORAMIC RESOURCES LTD $ 56 PAN-UNITED CORP LTD $ 210 PAPELES Y CARTONES DE EUROPA SA $ 1,480 PARADISE ENTERTAINMENT LTD $ 71 PARAGON AG $ 926 PARAGON BANKING GROUP PLC $ 3,920 PARAMOUNT BED HOLDINGS CO LTD $ 1,815 PARCO CO LTD $ 714 PARGESA HOLDING SA $ 26,850 PARKWAY LIFE REAL ESTATE INVESTMENT TRUST $ 1,216 PARMALAT SPA $ 876 PARQUES REUNIDOS SERVICIOS CENTRALES SA $ 795 PARROT SA $ 221 PARTNER COMMUNICATIONS CO LTD $ 1,134 PASONA GROUP INC $ 1,049 PATRIZIA IMMOBILIEN AG $ 1,325 PAYPOINT PLC $ 1,185 PAYSAFE GROUP PLC $ 7,064 PAZ OIL CO LTD $ 1,713 PCCW LTD $ 35,548 PEAB AB $ 2,602 PEET LTD $ 1,138 PEGASUS SEWING MACHINE MANUFACTURING CO $ 133 PENDRAGON PLC $ 1,152 PENNON GROUP PLC $ 8,677 PENTA-OCEAN CONSTRUCTION CO LTD $ 3,525 PEPPER FOOD SERVICE CO LTD $ 772 PER AARSLEFF HOLDING A/S $ 1,281 PERENNIAL REAL ESTATE HOLDINGS LTD $ 274 PERPETUAL LTD $ 3,078 PERSEUS MINING LTD $ 917 PETRA DIAMONDS LTD $ 1,114 PETROFAC LTD $ 3,030 PETROLEO BRASILEIRO $ 116,378 PETROLEUM GEO-SERVICES ASA $ 966 PETROPAVLOVSK PLC $ 671 PETS AT HOME GROUP PLC $ 1,534 PFEIFFER VACUUM TECHNOLOGY AG $ 2,782 PHARMA MAR SA $ 1,217 PHILLIPS LIGHTING NV $ 4,952 PHOENIX GROUP HOLDINGS $ 8,245 PHOENIX HOLDINGS LTD/THE $ 1,003

116 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) PHOENIX MECANO AG $ 831 PHOTO-ME INTERNATIONAL PLC $ 1,433 PIA CORP $ 829 PIAGGIO & C SPA $ 918 PICANOL $ 975 PICC PROPERTY & CASUALTY $ 155,683 PICO FAR EAST HOLDINGS LTD $ 724 PIERRE & VACANCES $ 679 PIHLAJALINNA OYJ $ 197 PILOT CORP $ 3,330 PIOLAX INC $ 1,921 PIONEER CORP $ 1,353 PKO BANK POLSKI $ 105,316 INDUSTRIES LTD $ 312 PLASTIC OMNIUM SA $ 4,544 PLASTIVALOIRE $ 379 PLATINUM ASSET MANAGEMENT LTD $ 2,237 PLATZER FASTIGHETER HOLDING AB $ 252 PLAY COMMUNICATIONS $ 63,172 PLAYMATES HOLDINGS LTD $ 169 PLAYMATES TOYS LTD $ 128 PLAYTECH PLC $ 4,992 PLAYTECH PLC $ 43,440 PLAZZA AG $ 404 PLENUS CO LTD $ 1,176 PMP LTD $ 133 PNE WIND AG $ 273 POLETOWIN PITCREW HOLDINGS INC $ 562 POLYMETAL INTERNATIONAL $ 36,251 POLYPIPE GROUP PLC $ 1,966 POLYTEC ASSET HOLDINGS LTD $ 326 POLYTEC HOLDING AG $ 586 POLYUS $ 44,109 PONSSE OY $ 683 PORSCHE AUTO HLDG NON-VTG PFD $ 91,464 PORT OF TAURANGA $ 1,250 PORTUCEL SA $ 2,403 POWER ASSETS HOLDINGS LTD $ 18,709 POWSZECHNY ZAKLAD UBEZPIECZEN $ 136,762 PRAEMIUM LTD $ 226 PREMIER FOODS PLC $ 923 PREMIER INVESTMENT CORP $ 2,656 PREMIER INVESTMENTS LTD $ 2,208 PREMIER OIL PLC $ 1,047 PRESS KOGYO CO LTD $ 1,160 PRESSANCE CORP $ 1,037 PRESTIGE INTERNATIONAL INC $ 1,514 PRICER AB $ 309 PRIMA INDUSTRIE SPA $ 392

117 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) PRIMA MEAT PACKERS LTD $ 2,060 PRIMARY HEALTH CARE LTD $ 2,950 PRIMARY HEALTH PROPERTIES PLC $ 2,082 PRIME MEDIA GROUP LTD $ 95 PRO MEDICUS LTD $ 705 PROACT IT GROUP AB $ 655 PROMOTORA DE INFORMACIOINES - A $ 345 PRONEXUS INC $ 303 PROPERTY FOR INDUSTRY LTD $ 411 PROSAFE SE $ 19 PROSEGUR SEGURIDAD $ 3,911 PROSIEBENSAT.1 MEDIA SE $ 69,503 PROSPECT CO LTD $ 233 PROSPERITY REIT $ 619 PROTECTOR FORSIKRING ASA $ 1,340 PROTO CORP $ 279 PROVIDENT FINANCIAL PLC $ 2,889 PROXIMUS SADP $ 96,169 PRUDENTIAL PLC $ 184,541 PRYSMIAN SPA $ 8,459 PS MITSUBISHI CONSTRUCTION CO LTD $ 631 PSI SOFTWARE AG $ 472 PSP SWISS PROPERTY AG $ 7,090 PT INTERNATIONAL DEVELOPMENT CO LTD $ 117 PUBLIC FINANCIAL HOLDINGS LTD $ 114 PUMA AG RUDOLF DASSLER SPORT $ 1,729 PUNCH INDUSTRY CO LTD $ 573 PUSHPAY HOLDINGS LTD $ 556 PYI CORP LTD $ 134 PZ CUSSONS PLC $ 2,157 Q&M DENTAL GROUP SINGAPORE $ 352 QAF LTD $ 430 QANTAS AIRWAYS LTD $ 27,767 QBE INSURANCE GROUP LTD $ 104,463 QIAGEN NV $ 30 QIANHAI HEALTH HOLDINGS LTD $ 38 QINETIQ GROUP PLC $ 3,101 QLIRO GROUP AB $ 338 QOL CO LTD $ 608 QSC AG $ 459 LTD $ 3,170 QUICK CO LTD $ 617 QUINTIS LTD $ 190 R STAHL AG $ 85 RAFFLES EDUCATION CORP LTD $ 337 RAFFLES MEDICAL GROUP LTD $ 1,115 RAI WAY SPA $ 946 RAIA DROGASIL $ 94,809 RAIFFEISEN BANK INTERNATIONAL AG $ 8,809

118 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) RAISIO PLC $ 1,205 RAITO KOGYO CO LTD $ 1,357 RALLYE SA $ 1,010 RAMELIUS RESOURCES LTD $ 345 RAMI LEVI CHAIN STORES HASHIKMA MARKETING 2006 LTD $ 458 RAMIRENT OYJ $ 1,752 RANDGOLD RESOURCES LTD $ 140,715 RANK GROUP PLC $ 1,121 RAPALA VMC OYJ $ 122 RATHBONE BROTHERS PLC $ 3,652 RATIONAL AG $ 3,655 RATOS AB $ 1,551 RAVEN RUSSIA LTD $ 228 RAYSEARCH LABORATORIES AB $ 840 RAYSUM CO LTD $ 475 RCR TOMLINSON LTD $ 829 RCS MEDIAGROUP SPA $ 179 RDI REIT PLC $ 1,496 REALIA BUSINESS SA $ 490 REALORD GROUP HOLDINGS LTD $ 276 REC SILICON ASA $ 760 RECIPHARM AB-B SHS $ 1,009 RECKITT BENCKISER GROUP PLC $ 113,139 RECKON LTD $ 401 RECTICEL SA $ 779 RECYLEX SA $ 726 $ 3,984 REFRESCO GROUP NV $ 2,593 REGAL HOTELS INTERNATIONAL HOLDINGS LTD $ 374 REGAL REAL ESTATE INVESTMENT TRUST $ 683 REGINA MIRACLE INTERNATIONAL $ 510 REGIONAL REIT LTD $ 617 REGIS HEALTHCARE LTD $ 784 REGIS RESOURCES LTD $ 3,099 REJECT SHOP LTD/THE $ 185 RELIA INC $ 933 RELIANCE WORLDWIDE CORP LTD $ 1,457 REN - REDES ENERGETICAS NACIONAIS SA $ 2,177 RENAISSANCE INC $ 407 RENESAS ELECTRONICS CORP $ 62,083 RENEWI PLC $ 1,924 RENGO CO LTD $ 2,993 RENISHAW PLC $ 5,230 RENO DE MEDICI SPA $ 270 RENOLD PLC $ 101 RENTOKIL INITIAL PLC $ 359 REPLY SPA $ 2,153 RESILUX $ 477 RESOLUTE MINING LTD $ 1,322

119 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) RESORTTRUST INC $ 2,504 RESTAURANT BRANDS NEW ZEALAND LTD $ 1,497 RESTAURANT GROUP PLC $ 1,451 RESURS HOLDING AB $ 1,006 RETAIL ESTATES NV $ 1,338 RETAIL FOOD GROUP LTD $ 426 RETAIL PARTNERS CO LTD $ 230 RETELIT SPA $ 744 REVENIO GROUP OYJ $ 414 REXEL SA $ 10,289 RHEINMETALL AG $ 10,404 RHEON AUTOMATIC MACHINERY CO LTD $ 413 RHI MAGNESITA NV $ 2,212 RHOEN KLINIKUM AG $ 2,502 RHT HEALTH TRUST $ 479 RHYTHM WATCH CO LTD $ 261 RIB SOLFWARE SE $ 1,656 RICARDO PLC $ 1,181 RICOH LEASING CO LTD $ 1,119 RIDLEY CORP LTD $ 691 RIETER HOLDING AG $ 1,665 RIGHT ON CO LTD $ 276 PLC $ 8,074 RIKEN CORP $ 1,217 RIKEN KEIKI CO LTD $ 696 RIKEN TECHNOS CORP $ 179 RIKEN VITAMIN CO LTD $ 774 RINGER HUT CO LTD $ 1,030 RINGKJOEBING LANDBOBANK A/S $ 1,918 RIO TINTO LTD $ 99,807 RION CO LTD $ 258 RISO KAGAKU CORP $ 1,313 RISO KYOIKU CO LTD $ 661 RIVERSTONE HOLDINGS LTD $ 438 RM PLC $ 376 ROBERT WALTERS PLC $ 1,119 ROBERTET SA $ 890 ROCHE HLDGS AG (GENUSSCHEINE) $ 380,225 ROCHE HOLDING AG $ 112,036 ROCK FIELD CO LTD $ 470 ROCKWOOL INTERNATIONAL A/S $ 4,529 ROCKWOOL INTERNATIONAL AS $ 1,195 ROKKO BUTTER CO LTD $ 679 ROLAND DG CORP $ 637 ROLLS-ROYCE HOLDINGS PLC $ 92,098 ROMANDE ENERGIE HOLDING SA $ 523 RORZE CORP $ 472 ROSENBAUER INTERNATIONAL AG $ 506 ROTHSCHILD & CO $ 2,162

120 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) ROTORK PLC $ 5,392 ROUND ONE CORP $ 2,647 ROYAL DUTCH SHELL PLC CL A(UK) $ 305,352 ROYAL HOLDINGS CO LTD $ 1,367 PLC $ 3,059 ROYAL UNIBREW A/S $ 4,730 RPC GROUP PLC $ 9,801 RPS GROUP PLC $ 1,813 RS TECHNOLOGIES CO LTD $ 688 RTL GROUP SA $ 45,295 RTX TELECOM A/S $ 381 RUBIS $ 10,817 RYMAN HEALTHCARE LTD $ 57,060 RYOBI LTD $ 1,715 RYODEN CORP $ 350 RYOSAN CO LTD $ 2,155 RYOYO ELECTRO CORP $ 1,067 S FOODS INC $ 1,568 S&T AG $ 1,937 SA DES CIMENTS VICAT $ 2,906 SA SA INTERNATIONAL HOLDINGS LTD $ 727 SABAF SPA $ 427 SABANA SHARIAH COMP IND REIT $ 484 SACI FALABELLA $ 62,295 SAC'S BAR HOLDINGS INC $ 360 SACYR SA $ 2,352 SAES GETTERS SPA $ 360 SAETA YIELD SA $ 1,231 HOLDINGS PLC $ 2,954 SAF-HOLLAND SA $ 1,789 SAFILO GROUP SPA $ 303 SAGA PLC $ 2,922 SAGAX AB-B $ 1,432 SAIBU GAS CO LTD $ 1,671 SAIPEM SPA $ 6,014 SAIZERIYA CO LTD $ 1,952 SAKAI CHEMICAL INDUSTRY CO LTD $ 1,270 SAKAI MOVING SERVICE CO LTD $ 850 SAKATA INX CORP $ 1,583 SAKURA INTERNET INC $ 346 SALA CORP $ 923 SALINI IMPREGILO SPA $ 1,586 SALVATORE FERRAGAMO SPA $ 2,213 SALZGITTER AG $ 4,671 SAMPO OYJ SER A $ 82,621 SAMSUNG ELECTRONICS $ 1,286,451 SAMTY CO LTD $ 547 SAN HOLDINGS INC/JAPAN $ 434 SAN-A CO LTD $ 1,775

121 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) SAN-AI OIL CO LTD $ 1,570 SANDEN HOLDINGS CORP $ 952 SANDFIRE RESOURCES NL $ 1,600 SANFORD LTD/NZ $ 252 SANGETSU CO LTD $ 1,829 SAN-IN GODO BANK LTD/THE $ 2,912 SANKEN ELECTRIC CO LTD $ 1,705 SANKI ENGINEERING CO LTD $ 1,365 SANKYO SEIKO CO LTD $ 205 SANKYO TATEYAMA INC $ 849 SANOFI $ 203,303 SANOH INDUSTRIAL CO LTD $ 225 SANOMA OYJ $ 3,409 SANSHA ELECTRIC MANUFACTURING $ 563 SANSHIN ELECTRONICS CO LTD $ 552 SANTEN PHARMACEUTICAL CO LTD $ 35,503 SANYO CHEMICAL INDUSTRIES LTD $ 1,355 SANYO DENKI CO LTD $ 1,236 SANYO ELECTRIC RAILWAY CO LTD $ 983 SANYO HOUSING NAGOYA CO LTD $ 162 SANYO SHOKAI LTD $ 341 SANYO SPECIAL STEEL CO LTD $ 994 SANYO TRADING CO LTD $ 315 SAP SE $ 323,389 SAPPORO HOLDINGS LTD $ 3,173 SARACEN MINERAL HOLDINGS LTD $ 2,231 SARAS SPA $ 2,674 SARTORIUS AG $ 1,309 SAS AB $ 632 SATO CORP $ 1,442 SATORIUS STEDIM BIOTECH $ 1,922 SATS LTD $ 31,755 SAVENCIA SA $ 734 PLC $ 3,689 SAWADA HOLDINGS CO LTD $ 674 SAWAI PHARMACEUTICAL CO LTD $ 2,796 SBANKEN ASA $ 1,069 SBERBANK OF RUSSIA $ 607,810 SBM OFFSHORE NV $ 6,407 SBS HOLDINGS INC $ 433 SBS TRANSIT LTD $ 405 SCALA INC $ 386 SCALES CORP LTD $ 471 SCANDI STANDARD AB $ 723 SCANDIC HOTELS GROUP AB $ 979 SCANDINAVIAN TOBACCO GROUP A $ 865 SCATEC SOLAR ASA $ 962 SCHAFFNER HOLDING AG $ 304 SCHALTBAU HOLDING AG $ 338

122 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) SCHINDLER HOLDING AG $ 92,246 SCHMOLZ + BICKENBACH AG $ 926 SCHNEIDER ELECTRIC SE $ 160,087 SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG $ 1,991 SCHOUW & CO $ 2,390 SCHRODER ISF GLOBAL EMERGING MARKETS SMALLER COMPANIES $ 182,415 SCHRODER REAL ESTATE INVESTMENT $ 727 SCHWEITER TECHNOLOGIES AG $ 2,773 SCOPE METALS GROUP LTD $ 273 SCROLL CORP $ 454 SDL PLC $ 1,450 SEA HOLDINGS LTD/HONG KONG $ 1,137 SEALINK TRAVEL GROUP LTD $ 253 SECOM JOSHINETSU CO LTD $ 244 SECUNET SECURITY AG $ 216 SEIKA CORP $ 349 SEIKAGAKU CORP $ 288 SEIKITOKYU KOGYO CO LTD $ 648 SEIKO HOLDINGS CORP $ 2,132 SEIKO PMC CORP $ 433 SEIREN CO LTD $ 2,111 SEKISUI HOUSE REIT INC $ 2,348 SEKISUI HOUSE RESIDENTIAL INVESTMENT CO $ 2,115 SEKISUI JUSHI CORP $ 968 SEKISUI PLASTICS CO LTD $ 455 SELECT HARVESTS LTD $ 650 SELVAAG BOLIG ASA $ 311 SEMAPA-SOCIEDADE DE INVESTIMENTO E GESTAO $ 1,530 SEMBCORP MARINE LTD $ 1,850 SEMPERIT AG HOLDING $ 585 SENEX ENERGY LTD $ 590 SENIOR PLC $ 3,475 SENKO CO LTD $ 1,639 SENSHU ELECTRIC CO LTD $ 264 SENSHU IKEDA HOLDINGS INC $ 1,757 SENSHUKAI CO LTD $ 286 SENSYS GATSO GROUP AB $ 190 SEPTENI HOLDINGS CO LTD $ 667 SEQUANA $ 38 SERCO GROUP PLC $ 1,691 SERVCORP LTD $ 457 SERVELEC GROUP PLC $ 205 SERVICE STREAM LTD $ 512 SESA SPA $ 222 SEVEN GROUP HOLDINGS LTD $ 106,940 SEVEN WEST MEDIA LTD $ 752 SEVERFIELD PLC $ 378 SFP HOLDINGS CO LTD $ 603 SFS GROUP AG $ 3,884

123 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) SG FLEET GROUP LTD $ 446 SGS SA $ 378 $ 6,869 SHANGRI-LA ASIA LTD $ 2,013 SHAPIR ENGINEERING AND INDUSTRY LTD $ 626 SHENG SIONG GROUP LTD $ 523 SHENZHOU INTERNATIONAL GROUP HOLDINGS $ 139,696 SHEWAN HONGYUAN HK LTD $ 509 SHIBAURA ELECTRONICS CO LTD $ 391 SHIBUSAWA WAREHOUSE CO LTD/THE $ 620 SHIBUYA KOGYO CO LTD $ 1,428 SHIFT INC $ 389 SHIGA BANK LTD/THE $ 1,876 SHIKOKU BANK LTD/THE $ 1,035 SHIKOKU CHEMICALS CORP $ 1,050 SHIKUN & BINUI LTD $ 877 SHIMA SEIKI MANUFACTURING LTD $ 3,402 SHIMACHU CO LTD $ 2,853 SHIMIZU BANK LTD/THE $ 372 SHIN NIPPON AIR TECHNOLOGIES CO LTD $ 286 SHINAGAWA REFRACTORIES CO LTD $ 388 SHINDENGEN ELECTRIC MANUFACTURING CO LTD $ 1,192 SHINE CORPORATE LTD $ 124 SHIN-ETSU CHEMICAL CO LTD $ 78,326 SHIN-ETSU POLYMER CO LTD $ 1,244 SHINHAN FINANCIAL GROUP $ 151,792 SHINKAWA LTD $ 355 SHINKO ELECTRIC INDUSTRIES CO LTD $ 1,257 SHINKO PLANTECH CO LTD $ 1,120 SHINKO SHOJI CO LTD $ 569 SHINMAYWA INDUSTRIES LTD $ 1,849 SHINNIHON CORP $ 435 SHINOKEN GROUP CO LTD $ 474 SHINWA CO LTD/NAGOYA $ 676 SHIONOGI & CO LTD $ 48,466 SHIP HEALTHCARE HOLDINGS INC $ 2,785 SHIRE PLC $ 128,221 SHIZUOKA GAS CO LTD $ 1,044 SHOEI CO LTD/TAITO-KU $ 691 SHOEI FOODS CORP $ 916 SHOFU INC $ 394 SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP $ 2,417 SHOUGANG CONCORD GRAND GROUP $ 93 SHOWA CORP $ 1,365 SHOWA SANGYO CO LTD $ 674 SHOWA SHELL SEKIYU KK $ 35,917 LTD $ 1,016 SHUN HO PROPERTY INVESTMENTS L $ 35 SHUN TAK HOLDINGS LTD $ 1,094

124 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) SHW AG $ 559 SIA ENGINEERING CO LTD $ 1,001 SIBANYE GOLD $ 27,253 SIEGFRIED HOLDING AG $ 2,105 SIF HOLDING B.V $ 306 SIG PLC $ 2,844 SIGMA HEALTHCARE LTD $ 1,825 SIIC ENVIRONMENT HOLDINGS LTD $ 518 SIIX CORP $ 1,018 SILEX SYSTEMS LTD $ 18 SILICON SENSOR INTERNATIONAL AG $ 528 SILTRONIC AG $ 5,463 SILVER CHEF LTD $ 358 SILVER LAKE RESOURCES LTD $ 420 SIMCORP A/S $ 3,744 SIMS METAL MANAGEMENT LTD $ 4,569 SINANEN HOLDINGS CO LTD $ 310 SINARMAS LAND LTD $ 810 SINFONIA TECHNOLOGY CO LTD $ 833 SINGAMAS CONTAINER HOLDINGS LTD $ 733 SINGAPORE POST LTD $ 2,247 SINGAPORE LTD $ 24,274 SINGAPORE TECHNOLOGIES ENGINEE $ 84,393 SINGAPORE TELECOMMUNICATIONS L $ 24,347 SINKO INDUSTRIES LTD $ 917 SINO GAS & ENERGY HOLDINGS LTD $ 453 SINO GRANDNESS FOOD INDUSTRY GROUP LTD $ 158 SINO LAND CO $ 77,320 SINTOKOGIO LTD $ 1,046 SIOEN INDUSTRIES NV $ 490 SIPEF SA $ 1,041 SIRTEX MEDICAL LTD $ 1,537 SITC INTERNATIONAL HOLDINGS CO LTD $ 2,495 SITOY GROUP HOLDINGS LTD $ 184 SIXT LEASING SE $ 392 SIXT SE $ 3,088 SIXT SE $ 2,358 SK INNOVATION $ 236,434 SKELLERUP HOLDINGS LTD $ 311 SKISTAR AB $ 734 SKY CITY ENTERTAINMENT GROUP LTD $ 2,743 SKY NETWORK TELEVISION LTD $ 1,498 SKY PERFECT JSAT HOLDINGS INC $ 929 SLIGRO FOOD GROUP NV $ 2,433 SMA SOLAR TECHNOLOGY AG $ 1,128 SMARTGROUP CORP LTD $ 1,614 SMARTONE TELECOMMUNICATIONS HOLDING LTD $ 633 SMC CORP $ 86,662 SMK CORP $ 730

125 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) SMS CO LTD $ 2,105 SMURFIT KAPPA GROUP PLC $ 10,227 SNAITECH SPA $ 270 SOC MAR TUNNEL PRADO CAR $ 125 SOCAM DEVELOPMENT LTD $ 177 SOCIETA CATTOLICA DI ASSICURAZIONI SCRL $ 3,822 SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI SPA $ 3,005 SOCIETE BIC SA $ 997 SOCIETE DES BAINS DE MER ET DU CERCLE DES ETRANGERS A MONACO $ 470 SOCIETE GENERALE SA CL A $ 217,303 SOCIETE TELEVISION FRANCAISE 1 $ 2,839 SOCO INTERNATIONAL PLC $ 554 SODICK CO LTD $ 812 SOFTBANK GROUP CORP $ 125,718 SOFTBANK TECHNOLOGY CORP $ 519 SOFTBRAIN CO LTD $ 390 SOFTCAT PLC-WI $ 1,482 SOFTWARE AG $ 6,613 SOGEFI SPA $ 626 SOGO MEDICAL CO LTD $ 1,137 SOILBUILD BUSINESS SPACE REIT $ 203 SOITEC $ 2,263 SOKEN CHEMICAL ENGINEERING CO LTD $ 450 SOL SPA $ 1,175 SOLAR A/S $ 1,006 SOLARTECH INTERNATIONAL HLDGS LTD $ 619 SOLASTO CORP $ 441 SOLOCAL GROUP $ 957 SOLSTAD FARSTAD ASA $ 203 SOMFY SA $ 1,270 SONAE $ 2,037 SONOVA HOLDING AG $ 136,351 SONY CORP $ 120,120 SONY FINANCIAL HOLDINGS INC $ 38,623 SOPRA GROUP SA $ 4,724 SOUNDWILL HOLDINGS LTD $ 361 SOURCENEXT CORP $ 651 SOUTH32 LTD $ 132,957 SOUTHERN CROSS MEDIA GROUP LTD $ 1,077 SPACE CO LTD $ 273 SPAR NORD BANK A/S $ 1,883 SPARK INFRASTRUCTURE GROUP $ 4,860 SPARK NEW ZEALAND LTD $ 193,868 SPARKASSEN IMMOBILIEN AG $ 1,771 SPARX GROUP CO LTD $ 651 SPECTRIS PLC $ 7,890 SPEEDCAST INTERNATIONAL LTD $ 2,001 SPEEDY HIRE PLC $ 901 SPH REIT $ 681

126 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) SPIE SA $ 4,344 SPIRAX-SARCO ENGINEERING PLC $ 11,979 SPIRE HEALTHCARE GROUP PLC $ 1,776 SPIRENT COMMUNICATIONS PLC $ 1,733 SPORTS DIRECT INTERNATIONAL PLC $ 2,569 SRA HOLDINGS $ 1,082 SRG TAKAMIYA CO LTD $ 76 SRI SPORTS LTD $ 225 SSP GROUP PLC $ 8,368 ST BARBARA LTD $ 3,348 ST CORP $ 725 ST GALLER KANTONALBANK AG $ 2,769 ST GOBAIN CIE DE $ 135,928 ST IVES PLC $ 216 ST JAMES PLACE PLC $ 62,734 ST MARC HOLDINGS CO LTD $ 714 ST MODWEN PROPERTIES PLC $ 2,304 STABILUS SA $ 3,816 STAGECOACH GROUP PLC $ 1,722 STALLERGENES GREER $ 354 STAMFORD LAND CORP LTD $ 401 STANDARD CHARTERED PLC (UK) $ 284,985 STANDARD LIFE ABERDEEN PLC $ 139,434 STANDARD LIFE INVESTMENT PROPERTY INCOME $ 1,145 STAR ASIA INVESTME CORP $ 516 STAR MICA CO LTD $ 722 STAR MICRONICS CO LTD $ 1,043 STARHILL GLOBAL REIT $ 1,650 STARHUB LTD $ 144,242 STARTS CORP INC $ 1,411 STARTS PROCEEDS INVESTMENT CORP $ 663 STARZEN CO LTD $ 523 STATOIL ASA $ 187,927 STE INDUSTRIELLE D'AVIATION LATECOERE SA $ 1,025 STEADFAST GROUP LTD $ 3,553 STEEL & TUBE HOLDINGS LTD $ 154 STEF-TFE $ 486 STELLA CHEMIFA CORP $ 710 STELLA INTERNATIONAL HOLDINGS LTD $ 1,661 STELUX HOLDINGS INTERNATIONAL LTD $ 36 STHREE PLC $ 946 STO SE & CO KGAA $ 1,097 STOBART GROUP LTD $ 2,251 STOCK SPIRITS GROUP PLC $ 289 STOCKLAND $ 40,808 STOCKMANN OYJ ABP $ 595 STOCKMANN OYJ ABP $ 66 STOLT-NIELSEN LTD $ 885 STRABAG SE $ 1,303

127 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) LTD $ 1,185 STRIDE STAPLED GROUP $ 784 STROEER SE & CO KGAA $ 3,244 STUDIO ALICE CO LTD $ 710 SUBARU CORP $ 79,091 SUEDZUCKER AG $ 3,973 SUESS MICROTEC SE $ 883 SULZER AG $ 3,192 SUMIDA CORP $ 813 SUMINOE TEXTILE CO LTD $ 239 SUMITOMO BAKELITE CO LTD $ 2,901 SUMITOMO CHEMICAL CO LTD $ 74,393 SUMITOMO DENSETSU CO LTD $ 1,057 SUMITOMO HEAVY INDUSTRIES LTD $ 67,375 SUMITOMO MITSUI CONSTRUCTION CO LTD $ 1,231 SUMITOMO OSAKA CEMENT CO LTD $ 3,746 SUMITOMO RIKO COMPANY LTD $ 807 SUMITOMO SEIKA CHEMICALS CO LTD $ 1,198 SUMITOMO WAREHOUSE CO LTD/THE $ 2,182 SUMMERSET GROUP HOLDINGS $ 944 SUMMIT ASCENT HOLDINGS LTD $ 133 SUMMIT REAL ESTATE HOLDINGS $ 291 SUN CORPORATION $ 232 SUN FRONTIER FUDOUSAN CO LTD $ 662 SUN HUNG KAI & CO LTD $ 1,185 SUN HUNG KAI PROPERTIES LTD $ 29,595 SUNDANCE ENERGY AUSTRALIA LTD $ 113 SUNLIGHT REAL ESTATE INVESTMENT TRUST $ 1,482 SUNNINGDALE TECH LTD $ 501 SUNRISE COMMUNICATIONS GROUP AG $ 5,875 SUNTEC REAL ESTATE INVESTMENT $ 2,426 SUNTEC REAL ESTATE INVESTMENT TRUST $ 5,391 SUN-WA TECHNOS CORP $ 393 SUPER RETAIL GROUP LTD $ 1,982 SUPERGROUP PLC $ 2,834 SUPERLOOP LTD $ 477 SURTECO SE $ 728 SURUGA BANK LTD $ 45,928 SUZUKI MOTOR CORP $ 96,844 SWCC SHOWA HOLDINGS CO LTD $ 498 SWECO AB $ 2,900 SWEDBANK AB A $ 131,316 SWEDISH MATCH AB $ 68,354 SWEDOL AB $ 239 SWIBER HOLDINGS LTD $ 16 SWIRE PACIFIC LTD $ 14,368 SWISS PRIME SITE AG $ 125,142 SWISSCOM AG $ 200,358 SWISSQUOTE GROUP HOLDING SA $ 489

128 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) SWORD GROUP $ 442 SYDBANK A/S $ 6,043 SYNERGIE SA $ 695 SYNLAIT MILK LTD $ 382 SYRAH RESOURCES LTD $ 1,504 SYSTEMAIR AB $ 563 SYSTENA CORP $ 1,516 SYUPPIN CO LTD $ 586 T HASEGAWA CO LTD $ 720 T RAD CO LTD $ 613 T&K TOKA CO LTD $ 561 TABCORP HOLDINGS LTD $ 7,125 TACHIBANA ELETECH CO LTD $ 699 TACHI-S CO LTD $ 1,104 TADANO LTD $ 3,464 TAG IMMOBILIEN AG $ 4,649 TAI CHEUNG HOLDINGS $ 1,323 TAIHEI DENGYO KAISHA LTD $ 1,115 TAIHO KOGYO CO LTD $ 481 TAIKISHA LTD $ 1,531 TAIKO BANK LTD/THE $ 238 TAISEI CORP $ 33,402 TAISEI LAMICK CO LTD $ 363 TAIWAN MOBILE $ 86,727 TAIWAN SEMICONDUCTOR MANUFACTURING $ 935,493 TAIYO HOLDINGS CO LTD $ 1,439 TAIYO YUDEN CO LTD $ 3,746 TAKAMATSU CONSTRUCTION GROUP CO LTD $ 912 TAKAOKA TOKO CO LTD $ 635 TAKARA HOLDINGS INC $ 3,377 TAKARA LEBEN CO LTD $ 772 TAKARA PRINTING CO LTD $ 409 TAKARA STANDARD CO LTD $ 1,394 TAKASAGO INTERNATIONAL CORP $ 839 TAKASAGO THERMAL ENGINEERING CO LTD $ 1,343 TAKEAWAY.COM NV $ 1,985 TAKEDA PHARMACEUTICAL CO LTD $ 85,953 TAKEEI CORP $ 433 TAKEUCHI MANUFACTURING CO LTD $ 1,838 TAKIRON CO LTD $ 308 TAKKT AG $ 1,546 TAKUMA CO LTD $ 2,114 TALGO SA $ 617 TALKTALK TELECOM GROUP PLC $ 1,847 TAMBURI INVESTMENT PARTNERS SPA $ 1,316 TAMEDIA AG $ 804 TAMRON CO LTD $ 602 TAMURA CORP $ 1,462 TAN CHONG INTERNATIONAL LTD $ 301

129 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) TANSEISHA CO LTD $ 875 TARKETT SA $ 2,263 TARSUS GROUP PLC $ 249 TASSAL GROUP LTD $ 1,119 TAT HONG HOLDINGS LTD $ 269 TATE & LYLE PLC $ 8,415 TATSUTA ELECTRIC WIRE AND CABLE CO LTD $ 292 TAYCA CORP $ 950 TDC A/S $ 30,534 TDC A/S $ 10,255 TDK CORP $ 67,192 TECAN GROUP AG $ 4,249 TECHMATRIX CORP $ 684 TECHNICOLOR SA $ 1,857 TECHNO ASSOCIE CO LTD $ 152 TECHNOGYM SPA $ 1,754 TECHNOLOGY ONE LTD $ 2,175 TECHNOPOLIS PLC $ 1,826 TECHNOPRO HOLDINGS INC $ 3,514 TECHNOTRANS $ 749 TECHTRONIC INDUSTRIES CO LTD $ 118,564 TECNICAS REUNIDAS SA $ 1,985 TECONS JAPAN INC $ 334 TED BAKER PLC $ 2,001 TEGEL GROUP HOLDINGS LTD $ 418 TEIKOKU ELECTRIC MANUFACTURING CO LTD $ 811 TEIKOKU PISTON RING CO LTD $ 1,427 TEIKOKU SEN-I CO LTD $ 823 TEIXEIRA DUARTE SA $ 37 TEKKEN CORP $ 589 TELE COLUMBUS AG $ 815 TELE2 AB $ 19,341 TELECOM PLUS PLC $ 2,097 TELEFONICA BRASIL $ 103,341 TELEGRAAF MEDIA GROEP NV $ 227 TELEKOM AUSTRIA AG $ 2,877 TELENET GROUP HOLDING NV $ 66,375 TELEVISION BROADCASTS LTD $ 1,928 TELSTRA CORP LTD $ 229,668 TENCENT HOLDINGS $ 1,277,638 TENMA CORP $ 636 TERNIUM $ 68,053 TESSENDERLO GROUP $ 3,150 TESSI SA $ 320 TEXWINCA HOLDINGS LTD $ 784 TFF GROUP $ 391 T-GAIA CORP $ 1,003 THAI BEVERAGE $ 47,405 THAI OIL PCL THB10(NVDR) $ 55,768

130 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) THERMADOR GROUPE $ 979 THOMAS COOK GROUP PLC $ 4,284 THORN GROUP LTD $ 272 THROMBOGENICS NV $ 414 THULE GROUP AB/THE $ 3,722 TIETO OYJ $ 3,340 TIGENIX NV $ 478 TIKKURILA OYJ $ 1,059 TILT RENEWABLES LTD $ 160 TISCALI SPA $ 183 TK DEVELOPMENT $ 189 TKC $ 1,183 TKH GROUP NV $ 5,006 TLG IMMOBILIEN AG $ 3,834 TNT NV $ 4,634 TOA CORP/HYOGO $ 652 TOA CORP/TOKYO $ 1,106 TOA ROAD CORP $ 599 TOAGOSEI CO LTD $ 2,002 TOBISHIMA CORP $ 597 TOC CO LTD $ 829 TOCALO CO LTD $ 1,344 TOCHIGI BANK LTD/THE $ 695 TODA CORP $ 1,729 TODA KOGYO CORP $ 438 TOD'S SPA $ 1,225 TOEI ANIMATION CO LTD $ 421 TOEI CO LTD $ 1,742 TOENEC CORP $ 524 TOHO BANK LTD/THE $ 1,817 TOHO CO LTD/KOBE $ 331 TOHO HOLDINGS CO LTD $ 2,338 TOHO TITANIUM CO LTD $ 893 TOHO ZINC CO LTD $ 1,169 TOHOKU BANK LTD/THE $ 144 TOHOKUSHINSHA FILM CORP $ 96 TOKAI CARBON CO LTD $ 4,532 TOKAI CORP/GIFU $ 788 TOKAI HOLDINGS CORP $ 1,211 TOKAI RIKA CO LTD $ 2,312 TOKAI TOKYO FINANCIAL HOLDINGS INC $ 2,153 TOKEN CORP $ 1,581 TOKUSHU TOKAI PAPER CO LTD $ 897 TOKUYAMA CORP $ 4,065 TOKYO BASE CO LTD $ 476 TOKYO DOME CORP $ 1,856 TOKYO ELECTRON LTD $ 62,903 TOKYO ENERGY & SYSTEMS INC $ 753 TOKYO INDIVIDUALIZED EDUCATIONAL INSTITUTE INC $ 261

131 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) TOKYO KEIKI INC $ 245 TOKYO OHKA KOGYO CO LTD $ 2,325 TOKYO RAKUTENCHI CO LTD $ 117 TOKYO ROPE MANUFACTURING CO LTD $ 427 TOKYO SEIMITSU CO LTD $ 3,061 TOKYO STEEL MANUFACTURING CO LTD $ 1,800 TOKYO TEKKO CO LTD $ 156 TOKYO TY FINANCIAL GRP $ 1,208 TOKYOTOKEIBA CO LTD $ 1,633 TOKYU CONSTRUCTION CO LTD $ 1,997 TOKYU REIT INC $ 2,523 TOLI CORP $ 288 TOM GROUP LTD $ 832 TOM TAILOR HOLDING SE $ 482 TOMATO BANK LTD $ 208 TOMOKU CO LTD $ 263 TOMONY HOLDINGS INC $ 1,774 TOMRA SYSTEMS ASA $ 2,907 TOMTOM NV $ 3,003 TOMY CO LTD $ 1,761 TONAMI HOLDINGS CO LTD $ 656 TOPCON CORP $ 3,865 TOPDANMARK A/S $ 5,855 TOPPAN FORMS CO LTD $ 1,221 TOPPS TILES PLC $ 227 TOPRE CORP $ 2,256 TOPY INDUSTRIES LTD $ 1,329 TORIDOLL CORP $ 1,447 TORIGOE CO LTD/THE $ 228 TORII PHARMACEUTICAL CO LTD $ 927 TORIKIZOKU CO LTD $ 588 TORISHIMA PUMP MANUFACTURING CO LTD $ 182 TORM PLC $ 476 TOSEI CORP $ 652 TOSHIBA CORP $ 71,079 TOSHIBA MACHINE CO LTD $ 1,767 TOSHIBA PLANT SYSTEMS & SERVICES CORP $ 1,811 TOSHIBA TEC CORP $ 1,631 TOSHO CO LTD $ 698 TOSHO PRINTING CO LTD $ 684 TOTAL GABON $ 274 TOTAL SA (FRAN) $ 112,339 TOTAL SA RT $ 1,514 TOTETSU KOGYO CO LTD $ 1,504 TOTO LTD $ 68,025 TOTTORI BANK LTD/THE $ 342 TOURISM HOLDINGS LTD $ 816 TOW CO LTD $ 534 TOWA BANK LTD/THE $ 878

132 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) TOWA CORP $ 753 TOWA PHARMACEUTICAL CO LTD $ 1,177 TOWER LTD $ 192 TOWER SEMICONDUCTOR LTD $ 2,834 TOWN CENTRE SECURITIES PLC $ 194 TOWN HEALTH INTERNATIONAL MEDICAL GROUP $ 790 TOX FREE SOLUTIONS LTD $ 1,133 TOYO CONSTRUCTION CO LTD $ 957 TOYO CORP/CHUO-KU $ 606 TOYO ENGINEERING CORP $ 697 TOYO INK SC HOLDINGS CO LTD $ 2,042 TOYO KANETSU KK $ 789 TOYO KOHAN CO LTD $ 355 TOYO SECURITIES CO LTD $ 425 TOYO TANSO CO LTD $ 1,151 TOYOBO CO LTD $ 3,058 TP ICAP PLC $ 8,270 TRADE ME LTD $ 1,391 TRADELINK ELECTRONIC COMMERCE LTD $ 326 TRANCOM CO LTD $ 1,365 TRANSACTION CO LTD $ 473 TRANSPORT INTERNATIONAL HOLDINGS LTD $ 1,371 TRAVIS PERKINS PLC $ 7,854 TREASURE ASA $ 239 TREASURY WINE ESTATES LTD $ 20,580 TREND MICRO INC $ 54,235 TREND MICRO INC/JAPAN $ 35,884 TREVI FINANZIARIA SPA $ 71 TRI CHEMICAL LABORATORIES INC $ 543 TRIFAST PLC $ 592 TRIGANO SA $ 3,392 TRINITY LTD $ 138 TRINITY MIRROR PLC $ 689 TRITAX BIG BOX REIT PLC $ 5,106 TROAX GROUP AB $ 519 TRUSCO NAKAYAMA CORP $ 2,139 TRUST TECH INC $ 585 TRUSTPOWER LTD $ 467 TSC GROUP HOLDINGS LTD $ 99 TSI HOLDINGS CO LTD $ 969 TSUBAKI NAKASHIMA CO LTD $ 668 TSUBAKIMOTO CHAIN CO $ 2,092 TSUGAMI CORP $ 1,937 TSUI WAH HOLDINGS LTD $ 126 TSUKADA GLOBAL HOLDINGS INC $ 87 TSUKISHIMA KIKAI CO LTD $ 721 TSUKUBA BANK LTD $ 687 TSUKUI CORP $ 1,202 TSURUMI MANUFACTURING CO LTD $ 676

133 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) TSUTSUMI JEWELRY CO LTD $ 211 TT ELECTRONICS PLC $ 1,090 TUAN SING HOLDINGS LTD $ 758 TUBACEX SA $ 883 TUBOS REUNIDOS SA $ 94 TULLOW OIL PLC $ 7,589 TURKCELL ILETISIM HIZMETLERI $ 85,526 TV ASAHI HOLDINGS CORP $ 1,300 TV TOKYO HOLDINGS CORP $ 561 TYMAN PLC $ 265 UACJ CORP $ 1,295 UBISOFT ENTERTAINMENT $ 11,171 U-BLOX AG $ 2,284 UBM DEVELOPMENT AG $ 368 UBM PLC $ 7,906 UCB SA $ 36,340 UCHIDA YOKO CO LTD $ 968 UDG HEALTHCARE $ 5,651 UKC HOLDINGS CORP $ 523 ULTRA ELECTRONICS HOLDINGS PLC $ 2,342 ULTRATECH CEMENT $ 60,152 UMC ELECTRONICS CO LTD $ 462 UMENOHANA CO LTD $ 274 UMICORE SA $ 86,417 UMS HOLDINGS LTD $ 545 UNICAJA BANCO $ 47,407 UNIDEN HOLDINGS CORPORATION $ 453 UNILEVER NV CVA (BEARER) $ 314,913 UNILEVER PLC ORD $ 178,307 UNION TOOL CO $ 237 UNIONE DI BANCHE ITALIANE SCPA $ 9,808 UNIPAPEL SA $ 58 UNIPER SE $ 3,976 UNIPOL GRUPPO FINANZIARIO SPA $ 4,000 UNIPOLSAI SPA $ 4,972 UNIPRES CORP $ 2,086 UNIQA INSURANCE GROUP AG $ 2,512 UNITE GROUP PLC $ 5,311 UNITED ARROWS LTD $ 1,840 UNITED BANK $ 30,845 UNITED ENGINEERS LTD $ 1,645 UNITED INC/JAPAN $ 705 UNITED INDUSTRIAL CORP LTD $ 365 UNITED INTERNATIONAL ENTERPRISES $ 972 UNITED LABORATORIES INTERNATIONAL HOLDINGS LTD/THE $ 1,174 UNITED OVERSEAS BANK (LOC) $ 92,580 UNITED SUPER MARKETS HOLDINGS INC $ 1,162 UNITIKA LTD $ 618 UNIZO HOLDINGS CO LTD $ 937

134 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) UOB-KAY HIAN HOLDINGS LTD $ 881 UOL GROUP LTD $ 2,944 UOL GROUP LTD $ 1,574 UP ENERGY DEVELOPMENT GROUP $ 19 UPONOR OYJ $ 2,264 UPP HOLDINGS LTD $ 146 U-SHIN LTD $ 395 USHIO INC $ 3,359 USS CO LTD $ 45,414 UT GROUP CO LTD $ 1,376 V TECHNOLOGY CO LTD $ 1,392 VAISALA OYJ $ 1,116 VALE $ 152,987 VALIANT HOLDING $ 3,619 VALLOUREC SA $ 3,381 VALMET CORP $ 5,725 VALNEVA SE $ 332 VALOR HOLDINGS CO LTD $ 1,915 VALORA HOLDING AG $ 2,232 VALUE PARTNERS GROUP LTD $ 1,969 VALUETRONICS HOLDINGS LTD $ 453 VAN DE VELDE NV $ 852 VAN LANSCHOT KEMPEN NV $ 770 VASTNED RETAIL $ 2,111 VAT GROUP AG $ 5,039 VAUDOISE ASSURANCES HOLDING SA $ 937 VECTOR INC/MINATO-KU $ 571 PLC $ 1,662 VEDANTA RESOURCES PLC $ 2,184 VEIDEKKE ASA $ 1,297 VERBIO AG $ 295 VERBUND AG $ 1,917 VESUVIUS PLC $ 3,456 VETOQUINOL SA $ 408 VETROPACK HOLDING AG $ 872 VIA HOLDINGS INC $ 287 VICTORIA PARK AB-B SHS $ 1,209 VICTORY CITY INTERNATIONAL HOLDINGS LTD $ 209 VICTREX PLC $ 6,122 VIDRALA SA $ 3,830 VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE $ 2,147 VILLA WORLD GROUP $ 580 VILLAGE ROADSHOW LTD $ 602 VILLEROY AND BOCH AG PREFERENCE $ 502 VILMORIN & CIE $ 1,493 VINCI SA $ 225,248 VIOHALCO SA $ 244 VIRBAC SA $ 1,227 VIRGIN AUSTRALIA HOLDINGS LTD $ 382

135 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) VIRGIN MONEY HOLDINGS UK PLC $ 1,890 VIRTUS HEALTH LTD $ 587 VISCOFAN SA $ 4,684 VISION INC/TOKYO JAPAN $ 556 VITA GROUP LTD $ 106 VITAL HEALTHCARE PROPERTY TRUST $ 1,094 VITAL KSK HOLDINGS INC $ 731 VITASOY INTERNATIONAL HOLDINGS LTD $ 4,640 VITEC GROUP PLC/THE $ 1,080 VITROLIFE AB $ 1,624 VITTORIA ASSICURAZIONI SPA $ 812 VIVA INDUSTRIAL TRUST $ 451 VIVENDI $ 188,039 VOCUS GROUP LTD $ 2,920 VODAFONE GROUP PLC $ 104,795 VOLKSWAGEN AG PFD $ 144,514 VOLUTION GROUP PLC $ 219 VONOVIA SE $ 69,437 VONTOBEL HOLDING AG $ 2,931 VOSSLOH AG $ 997 VP BANK AG $ 852 VP PLC $ 211 VSTECS HOLDINGS LTD $ 1,356 VT HOLDINGS CO LTD $ 999 VTECH HOLDINGS LTD $ 3,221 VTG AG $ 1,149 VZ HOLDING AG $ 1,866 WACKER CHEMIE AG $ 4,969 WACKER NEUSON SE $ 2,407 WACOAL HOLDINGS CORP $ 2,726 WAI KEE HOLDINGS LTD $ 245 WAKACHIKU CONSTRUCTION CO LTD $ 482 WAKITA & CO LTD $ 872 WALLISER KANTONALBANK-REG $ 333 WALTER MEIER AG $ 198 WARABEYA NICHIYO HOLDINGS CO LTD $ 612 WAREHOUSES DE PAUW SCA $ 4,632 WARTECK INVEST AG $ 521 WARTSILA $ 82,699 WASHTEC AG $ 1,824 WATAMI CO LTD $ 599 WDB HOLDINGS CO LTD $ 647 WEATHERNEWS INC $ 446 WEBJET LTD $ 1,974 WEG $ 70,585 WENDEL $ 65,591 WERELDHAVE BELGIUM NV $ 888 WERELDHAVE NV $ 4,250 WESFARMERS LTD $ 366,509

136 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) WESSANEN $ 3,222 WEST HOLDINGS CORP $ 260 WESTERN AREAS LTD $ 1,850 WESTGOLD RESOURCES LTD $ 480 WH GROUP LTD $ 223,942 WH GROUP LTD $ 73,780 WH SMITH PLC $ 6,424 WHEELOCK & CO LTD $ 44,324 WHEELOCK PROPERTIES SINGAPORE LTD $ 828 WHITEHAVEN COAL LTD $ 4,015 WIENERBERGER AG $ 4,423 WIHLBORGS FASTIGHETER AB $ 2,788 WILH WILHELMSEN HOLDING ASA $ 552 WILLIAM DEMANT HOLDING A/S $ 39,902 WILLIAM HILL PLC $ 7,546 WILMINGTON PLC $ 148 WINCANTON PLC $ 946 WINCOR NIXDORF AG $ 1,314 WING ON CO INTERNATIONAL LTD $ 382 WING TAI HOLDINGS LTD $ 1,509 WING TAI PROPERTIES LTD $ 569 WIN-PARTNERS CO LT $ 300 WISETECH GLOBAL LTD $ 1,711 WIZZ AIR HOLDINGS PLC $ 1,386 WOOD ONE CO LTD $ 305 WOOLWORTHS GROUP LTD $ 41,539 $ 3,106 WORLD HOLDINGS CO LTD $ 411 WORLDLINE SA $ 2,943 WORLEYPARSONS LTD $ 5,106 WOWOW INC $ 317 WPP AUNZ LTD $ 443 WPP PLC NEW (UK) $ 112,261 WUESTENROT & WUERTTEMBERGISCHE AG $ 947 X5 RETAIL GROUP $ 151,529 XAAR PLC $ 786 XEBIO HOLDINGS CO LTD $ 1,026 XERO LTD $ 2,609 XING SE $ 1,521 XINYI GLASS HOLDINGS LTD $ 225 XP POWER LTD $ 1,912 XXL ASA $ 1,468 YAHAGI CONSTRUCTION CO LTD $ 508 YAKUODO CO LTD $ 481 YAMABIKO CORP $ 819 YAMADA CONSULTING GROUP CO LTD $ 366 YAMAGATA BANK LTD/THE $ 1,224 YAMAICHI ELECTRONICS CO LTD $ 980 YA-MAN LTD $ 1,092

137 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) YAMANASHI CHUO BANK LTD/THE $ 1,410 YAMATANE CORP $ 587 YAMATO KOGYO CO LTD $ 2,503 YAMAZEN CORP $ 1,347 YANGZIJIANG SHIPBUILDING HOLDI $ 15,905 YAOKO CO LTD $ 1,685 YARA INTERNATIONAL ASA $ 78,923 YASUNAGA CORP $ 404 YAT SING HOLDINGS LTD $ 558 YEEBO INTERNATIONAL HLDG $ 272 YELLOW HAT LTD $ 913 YGM TRADING LTD $ 63 YIT OYJ $ 1,626 YODOGAWA STEEL WORKS LTD $ 1,469 YOKOGAWA BRIDGE HOLDINGS CORP $ 1,615 YOKOHAMA REITO CO LTD $ 962 YOKOWO CO LTD $ 337 YOMEISHU SEIZO CO LTD $ 251 YOMIURI LAND CO LTD $ 380 YONDOSHI HOLDINGS INC $ 1,374 YONGNAM HLDGS $ 125 YOOX NET-A-PORTER GROUP $ 4,149 YOROZU CORP $ 602 YOSHINOYA HOLDINGS CO LTD $ 1,393 YPSOMED HOLDING AG $ 1,085 YT REALTY GROUP LTD $ 138 YUASA TRADING CO LTD $ 1,176 YUE YUEN INDUSTRIAL HOLDINGS L $ 102,770 YULE CATTO & CO PLC $ 3,780 YUME NO MACHI SOUZOU IINKAI CO LTD $ 831 YUMESHIN HOLDINGS CO LTD $ 1,140 YURTEC CORP $ 922 YUSHIRO CHEMICAL INDUSTRY CO LTD $ 549 Z ENERGY LIMITED $ 2,236 ZARDOYA OTIS SA $ 3,823 ZEAL NETWORK SE $ 248 ZEALAND PHARMA A/S $ 667 ZEHNDER GROUP $ 921 ZENRIN CO LTD $ 2,105 ZHUZHOU CSR TIMES ELECTRIC $ 109,519 ZIGEXN CO LTD $ 621 ZIGNAGO VETRO SPA $ 581 ZOJIRUSHI CORP $ 880 ZPG PLC $ 2,457 ZUG ESTATES HOLDING AG $ 770 ZUGER KANTONALBANK AG $ 1,400 ZUIKO CORP $ 444 ZUKEN INC $ 801 ZUMTOBEL AG $ 563

138 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) ZURICH INSURANCE GROUP AG $ 255,395

FIXED INCOME HOLDINGS

407 EAST DEVELOPMENT GROUP GENERAL $ 2,461 407 INTERNATIONAL INC $ 283,127 55 SCHOOL BOARD TRUST $ 59,943 AEROPORTS DE MONTREAL $ 141,232 AIMCO REALTY INVESTORS LP $ 21,179 ALBERTA POWERLINE LP $ 68,459 ALECTRA INC $ 31,078 ALTAGAS LTD $ 37,271 ALTALINK LP $ 187,793 ARROW LAKES POWER CO $ 7,051 BC FERRY SERVICES INC $ 85,519 BELL CANADA $ 214,115 BROOKFIELD ASSET MANAGEMENT INC. $ 29,004 BRP FINANCE ULC $ 29,280 BRUCE POWER LP $ 50,819 CAMECO CORPORATION $ 6,415 CANADA HOUSING TRUST $ 133,601 CANADA LIFE ASSURANCE CO $ 4,341 CANADA LIFE CAP TRUST $ 5,309 CANADA POST CORPORATION $ 32,405 CANADIAN NATIONAL RAILWAY COMPANY $ 51,731 CANADIAN NATURAL RESOURCES LTD $ 24,746 CANADIAN PACIFIC RAILWAY CO $ 39,096 CANADIAN TIRE CORPORATION LIMITED $ 35,474 CANADIAN UTIL LTD $ - CAPITAL CITY LINK GENERAL PARTNERS $ 39,925 CHOICE PROPERTIES REIT $ 12,138 CIBC CAPITAL TRUST $ 20,267 CITY OF MONTREAL $ 41,308 CITY OF OTTAWA $ 71,141 CITY OF TORONTO $ 183,784 CITY OF $ 7,631 CITY OF WINNIPEG $ 45,179 CROSSLINX TRANSIT SOLUTIONS GENERA $ 27,068 CSS FSCC PARTNERSHIP $ 18,138 CU INC $ 386,258 ENBRIDGE GAS DISTRIBUTION INC $ 120,357 ENBRIDGE INC. $ 138,384 ENBRIDGE INCOME FUND $ 14,488 ENBRIDGE PIPE LINES INC $ 118,615 EPCOR UTILITIES INC $ 100,034 FINANCEMENT-QUEBEC $ 108,136 FINNING INTERNATIONAL INC $ 10,838 FIRST NATIONS ETF LP $ 21,262 FIRST NATIONS FINANCE AUTHORITY $ 7,521

139 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) FORTIS INC $ 35,971 FORTISALBERTA INC $ 142,116 FORTISBC ENERGY INC 3.375 13/4/2045 $ 46,865 G/L OTHER $ 177,867 G/L OTHER $ 9,235 GAZ METRO INC $ 44,875 GAZ METROPOLITAN AND CO $ 9,843 GEORGE WESTON LIMITED $ 18,580 GOVERNMENT OF CANADA $ 9,254,312 GRAND RENEWABLE SOLAR LP $ 5,170 GREATER TORONTO AIRPORTS AUTHORITY $ 298,500 GREAT-WEST LIFECO INC. $ 75,482 HALIFAX INTERNATIONAL AIRPORT AUTH $ 21,649 HEALTH MONTREAL COLLECTIVE LP $ 107,002 HIGHWAY 407 $ 24,939 HOSPITAL FOR SICK CHILDREN $ 20,460 HOSPITAL INFRASTRUCTURE PARTNERS $ 35,529 HYDRO ONE INC $ 64,312 HYDRO ONE INC. $ 309,006 HYDRO OTTAWA HOLDING INC $ 26,571 HYDRO-QUEBEC $ 653,376 IGM FINANCIAL INC $ 39,400 INPOWER BC GENERAL PARTNERSHIP $ 16,230 INTACT FINANCIAL CORP $ 36,248 INTEGRATED TEAM SOLUTIONS PCH PART $ 24,939 INTER PIPELINE LTD $ 28,534 INVESTORS GROUP INC. $ 34,119 KINGSTON SOLAR LP INC. $ 12,083 LABRADOR ISLAND LINK FUNDING TRUST $ 148,586 LOBLAW CO LTD $ 120,218 LOWER MATTAGAMI ENERGY LP $ 66,634 MANULIFE FINANCE DELAWARE LP $ 40,617 MARITIME LINK FINANCING TRUST $ 74,487 MELANCTHON WOLFE WIND LP $ 8,350 METRO INC $ 67,906 MONTREAL UNIVERSITY HOSPITAL $ 3,014 MUNICIPALITY OF YORK REGIONAL $ 56,404 MUSKRAT FALLS/LABRADOR TRANSMISSIO $ 159,591 MUTUAL LIFE CANADA $ 14,654 NAV CANADA $ 21,539 NEWFOUNDLAND & LAB HYDRO $ 38,902 NORTH BATTLEFORD POWER LP $ 34,838 NORTH WEST REDWATER PARTNERSHIP $ 236,123 NORTHLAND POWER SOLAR FINANCE ONE $ 12,967 NORTHWESTCONNECT GROUP $ 17,695 NOVA GAS TRANSMISSION $ 10,590 NOVA SCOTIA POWER INC $ 105,813 ONTARIO SCHOOL BOARDS FIN CO $ 31,990 ONTARIO SCHOOL BOARDS FUNDING CORP $ 7,659

140 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) ONTARIO SRATEGIC INFRAS FINANCE $ 32,432 OPB FINANCE TRUST $ 42,414 OTTAWA MACDONALD-CARTIER INTERNATIONAL $ 26,460 PEMBINA PIPELINE CORP $ 91,712 PLENARY HEALTH BRIDGEPOINT LP $ 26,986 PLENARY HEALTH HAMILTON LP $ 17,778 PLENARY HLTH CARE PTNRSHP HUMBR LP $ 37,658 PLENARY PROPERTIES LTAP LP $ 59,805 POWER CORPORATION OF CANADA $ 28,727 POWER FINANCIAL CORPORATION $ 20,184 PROVINCE OF ALBERTA $ 942,033 PROVINCE OF $ 1,259,113 PROVINCE OF MANITOBA PROVINCE $ 678,419 PROVINCE OF NEW BRUNSWICK $ 511,426 PROVINCE OF NEWFOUNDLAND $ 310,029 PROVINCE OF NOVA SCOTIA $ 316,914 PROVINCE OF ONTARIO $ 5,681,851 PROVINCE OF PRINCE EDWARD ISLAND $ 80,597 PROVINCE OF QUEBEC $ 3,478,006 PROVINCE OF SASKATCHEWAN $ 592,272 PSS GENERATING STATION LP $ 15,539 REGIONAL MUNICIPALITY OF HALTON $ 13,133 REGIONAL MUNICIPALITY OF PEEL $ 69,482 REGIONAL MUNICIPALITY OF YORK $ 31,852 ROGERS COMMUNICATIONS INC. $ 121,214 ROYAL OFFICE FINANCE LP $ 72,911 SCOTIABANK CAPITAL TRUST $ 51,427 SEA TO SKY HIGHWAY INVESTMENT LP $ 19,631 SGTP HIGHWAY BYPASS LIMITED $ 21,926 SHAW COMMUNICATIONS INC $ 101,859 SINAI HLTH SYSTEM $ 14,488 SNC-LAVALIN INNISFREE MCGILL FINAN $ 51,538 SOCIETE EN COMMANDITE CE SEBASTOPO $ 8,405 SOUTH COAST BRITISH COLUMBIA TRANS $ 14,239 SOUTH COAST BRITISH COLUMBIA TRANS $ 52,202 SSL FINANCE INC $ 37,243 SUN LIFE CAPITAL TRUST $ 12,608 SUN LIFE FINANCIAL INC $ 25,963 SUNCOR ENERGY INC. $ 60,386 TCHC ISSUER TRUST $ 2,931 TD CAP TRUST IV FRN $ 31,409 TELUS CORPORATION $ 176,429 TERANET HOLDINGS LP $ 44,653 TERASEN GAS INC. $ 86,127 TERASEN GAS VANCOUVER IS $ 18,940 TORONTO HYDRO CORPORATION $ 60,220 TRANSALTA CORPORATION $ 22,313 TRANSCANADA PIPELINES LTD 4.550 15/11/2041 $ 246,271 TRANSED PARTNERS GENERAL PARTNERSHIP $ 22,313

141 Mount Allison University Endowment Fund Holdings As of December 31, 2017

Security Name Market Value ($Can) UNION GAS LTD $ 128,734 UNIV OF BRITISH COLUMBIA $ 4,479 UNIVERSITY OF CONCORDIA $ 6,083 UNIVERSITY OF OTTAWA $ 10,258 UNIVERSITY OF OTTAWA $ 2,184 UNIVERSITY OF TORONTO $ 15,096 UNIVERSITY OF TORONTO $ 7,382 UNIVERSITY OF WINDSOR $ 10,424 VANCOUVER AIRPORT AUTHORITY $ 14,433 VILLE DE MONTREAL $ 78,606 WESTCOAST ENERGY INC $ 24,414 WINNIPEG AIRPORTS AUTHORITY INC $ 12,332

GRAND TOTAL $ 162,521,865

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